HSBC to sell callable return enhanced notes on iShares Emerging Markets

By Susanna Moon

Chicago, July 2 - HSBC USA Inc. plans to price 0% callable return enhanced market participation notes with contingent protection due July 27, 2011 linked to the iShares MSCI Emerging Markets index fund, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any fund gain.

Investors will receive par if the fund falls by up to 30% and will be exposed to declines beyond 30%.

The notes may be called at 114% and 118% of par by July 23, 2010, with the exact call amount to be set at pricing.

The notes will price on July 22 and settle on July 27.

HSBC Securities (USA) Inc. is the agent.

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