New Issue: HSBC sells $12.99 million buffered return enhanced notes linked to S&P 500 via JPMorgan

By Susanna Moon

Chicago, Nov. 24 - HSBC USA Inc. priced $12.99 million of 0% buffered return enhanced notes due Dec. 8, 2010 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

J.P. Morgan Securities Inc. is the agent.

The payout at maturity will be par plus double any index gain, up to a maximum return of 14.3%.

Investors will receive par if the index falls by up to 10% and will lose 1.1111% for every 1% decline beyond 10%.

Issuer:	HSBC USA Inc.
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$12,991,000
Maturity:	Dec. 8, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 200% of any index gain, capped at 14.3%; par if index declines by 10% or less; 1.1111% loss for every 1% drop beyond 10%
Initial index level:	1,091.38
Pricing date:	Nov. 20
Settlement date:	Nov. 25
Agent:	J.P. Morgan Securities Inc.
Fees:	1%

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