HSBC USA to price best of airbag notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., March 12 - HSBC USA Inc. plans to price 0% best of airbag notes due April 1, 2014 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the index falls below the barrier level - 50% of its initial level - on any day during the life of the notes, the payout at maturity will be par plus the index return.

Otherwise, the payout will be par plus the greater of the index return and the contingent minimum return, which is expected to be 33% to 36% and will be set at pricing.

The notes will price March 18 and settle April 1.

HSBC Securities (USA) Inc. is the agent.

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