New Issue: HSBC revises bearish accelerated market participation notes on S&P 500 to $1.03 million

By E. Janene Geiss

Philadelphia, Oct. 20 - HSBC USA Inc. revised to $1.03 million from $1.15 million its issue of 0% bearish accelerated market participation securities due Nov. 22, 2010 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

As previously reported, the payout at maturity will be par plus triple the absolute value of any index decline, subject to a maximum return of 18%. Investors will share in any losses determined according to index gains.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Bearish accelerated market participation securities
Underlying index:	S&P 500
Amount:	$1,032,000, revised from $1,152,000
Maturity:	Nov. 22, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus triple the absolute value of any index decline, capped at 18%
Initial index level:	1,096.56
Pricing date:	Oct. 15
Settlement date:	Oct. 20
Underwriters:	HSBC Securities (USA) Inc.
Fees:	4.33%

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