New Issue: HSBC prices $11.03 million knock-out buffer notes linked to S&P 500 via JPMorgan

By Angela McDaniels

Tacoma, Wash., May 4 - HSBC USA Inc. priced $11.03 million of 0% knock-out buffer notes due Nov. 5, 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.

If the index falls below the knock-out buffer - 70% of the initial index level - 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 3.5%.

Issuer:	HSBC USA Inc.
Issue:	Knock-out buffer notes
Underlying index:	S&P 500
Amount:	$11,029,000
Maturity:	Nov. 5, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	If index falls below 70% of initial level during life of notes, par plus index return; otherwise, par plus greater of index return and 3.5%
Initial index level:	877.52
Pricing date:	May 1
Settlement date:	May 6
Agent:	J.P. Morgan Securities Inc.
Fees:	1%

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