New Issue: HSBC prices $5 million buffered AMPS linked to S&P 500, iShares MSCI EAFE

By Angela McDaniels

Tacoma, Wash., May 14 - HSBC USA Inc. priced $5 million of 0% buffered Accelerated Market Participation Securities due May 17, 2011 linked to the least performing of the S&P 500 index and iShares MSCI EAFE index fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of the least-performing underlying is positive, the payout at maturity will be par plus double that return, subject to a maximum return of 13.5%. Investors will receive par if the least-performing underlying declines by 20% or less and will lose 1% for each 1% that it declines beyond 20%.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Buffered Accelerated Market Participation Securities
Underlyings:	S&P 500 index and iShares MSCI EAFE index fund
Amount:	$5 million
Maturity:	May 17, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double the return of the least-performing underlying if its return is positive, up to a cap of 13.5%; par if least-performing underlying declines by 20% or less; 1% loss for each 1% that it declines beyond 20%
Initial levels:	1,155.79 for index; $51.55 for fund
Pricing date:	May 11
Settlement date:	May 17
Agent:	HSBC Securities (USA) Inc.
Fees:	0.2%
Cusip:	4042K02B0

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