New Issue: HSBC USA prices $1.5 million buffered return enhanced notes tied to S&P 500 via JPMorgan

By Angela McDaniels

Tacoma, Wash., Feb. 4 - HSBC USA Inc. priced $1.5 million of 0% buffered return enhanced notes due April 1, 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 triple any index gain, subject to a maximum return of 19%. Investors will receive par if the index declines by 20% or less and will lose 1.25% for every 1% that the index declines beyond 20%.

Issuer:	HSBC USA Inc.
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$1.5 million
Maturity:	April 1, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus triple any index gain, up to maximum return of 19%; par if index falls by 20% or less; 1.25% loss for every 1% decline beyond 20%
Initial index level:	838.51
Final index level:	Average of index's closing levels on five trading days ending March 29, 2010
Pricing date:	Feb. 3
Settlement date:	Feb. 6
Agent:	J.P. Morgan Securities Inc.
Fees:	1.1%

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