HSBC plans 15-month buffered AMPS on iShares MSCI Emerging Markets

By Susanna Moon

Chicago, April 1 - HSBC USA Inc. plans to price 0% buffered Accelerated Market Participation Securities due July 28, 2011 based on the performance of the iShares MSCI Emerging Markets index fund, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any fund gain, up to a maximum return of 15.5% to 20.5%. The exact cap will be set at pricing.

Investors will receive par if the shares fall by up to 10% and will be exposed to any decline beyond 10%.

The notes will price on April 23 and settle on April 28.

HSBC Securities (USA) Inc. is the agent.

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