New Issue: HSBC prices $17.92 million buffered return enhanced notes linked to S&P 500 via JPMorgan

By Angela McDaniels

Tacoma, Wash., Jan. 26 - HSBC USA Inc. priced $17.92 million of 0% buffered return enhanced notes due Feb. 10, 2011 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any index gain, subject to a maximum return of 10.74%. Investors will receive par if the index declines by 10% or less and will lose 1.1111% for every 1% decline beyond 10%.

J.P. Morgan Securities Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$17,923,000
Maturity:	Feb. 10, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, up to maximum return of 10.74%; par if index declines by 10% or less; 1.1111% loss for every 1% decline beyond 10%
Initial index level:	1,091.76
Final index level:	Average of index's closing levels on the five trading days ending Feb. 7, 2011
Pricing date:	Jan. 22
Settlement date:	Jan. 27
Agent:	J.P. Morgan Securities Inc.
Fees:	1%
Cusip:	4042K0M44

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