By Jennifer Chiou
New York, May 7 - HSBC USA Inc. priced $284,488 of 0% market participation notes due Aug. 25, 2010 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
For each $33.08 note, the payout at maturity will be the greater of zero or the index strike return.
Because the strike level is 1,200, in order to receive a positive return, the ending index level must be greater than 1,238.70.
Investors will be exposed to any index decline if the final level is less than or equal to the strike level.
HSBC Securities (USA) Inc. is the agent.
| Issuer: | HSBC USA Inc.
|
| Issue: | Participation securities
|
| Underlying index: | S&P 500
|
| Amount: | $284,488
|
| Maturity: | Aug. 25, 2010
|
| Coupon: | 0%
|
| Price: | Par of $33.08
|
| Payout at maturity: | Par plus the greater of zero or the index strike return; full exposure to any decline if the final level is less than or equal to the strike level
|
| Initial level: | 1,170
|
| Strike level: | 1,200
|
| Pricing date: | May 5
|
| Settlement date: | May 10
|
| Agent: | HSBC Securities (USA) Inc.
|
| Fees: | None
|
| Cusip: | 40432R708
|
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