HSBC to sell 8%-10% yield optimization notes linked to iShares MSCI EM

By Susanna Moon

Chicago, June 2 - HSBC USA Inc. plans to price 8% to 10% yield optimization notes due June 16, 2011 linked to the iShares MSCI Emerging Markets index fund, according to an FWP filing with the Securities and Exchange Commission.

UBS Financial Services Inc. and HSBC USA Inc. are the underwriters.

The face amount of each note will be equal to the closing price of the fund's shares on the pricing date.

Interest will be payable monthly. The exact coupon will be set at pricing.

If the fund finishes at or above the trigger price - 75% of the initial price - the payout at maturity will be par.

Otherwise, the payout will be one share of the fund per note.

The notes are expected to price on June 11 and settle on June 16.

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