New Issue: HSBC prices $758,500 bearish return optimization securities linked to Russell 2000

By Angela McDaniels

Tacoma, Wash., July 14 - HSBC USA Inc. priced $758,500 of 0% bearish return optimization securities due Jan. 15, 2010 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is less than the initial level, the payout at maturity will be par of $10 plus triple the absolute value of the decline, subject to a maximum return of 17.2%.

If the final index level is greater than the initial level, the payout will be par minus 1% for every 1% index gain.

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

Issuer:	HSBC USA Inc.
Issue:	Bearish return optimization securities
Underlying index:	Russell 2000
Amount:	$758,500
Maturity:	Jan. 15, 2010
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index return is negative, par plus triple the absolute value of the decline, up to maximum return of 17.2%; if index return is positive, par minus the return
Initial index level:	480.98
Pricing date:	July 10
Settlement date:	July 15
Underwriters:	UBS Financial Services Inc. and HSBC USA Inc.
Fees:	0.6%

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