New Issue: HSBC prices $738,000 of one-year notes linked to four currencies

By Jennifer Chiou

New York, Jan. 11 - HSBC USA Inc. priced $738,000 of 0% notes due Jan. 10, 2012 linked to the performance of a basket of currencies relative to the U.S. dollar, according to a 424B2 filing with the Securities and Exchange Commission.

The basket includes equal weights of the Indian rupee, the Indonesian rupiah, the Korean won and the Singapore dollar.

The payout at maturity will be 95% of par plus the additional amount. If the basket return is less than 3%, the additional amount will be zero. Otherwise, the additional amount will be the greater of 14.1% and the basket return.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Notes
Underlying currencies:	Indian rupee, Indonesian rupiah, Korean won and Singapore dollar, equally weighted and each relative to the U.S. dollar
Amount:	$738,000
Maturity:	Jan. 10, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	If basket return is less than 3%, 95% of par; otherwise, 95% of par plus greater of basket return and 14.1%
Initial exchange rates:	45.37 for rupee; 9,001 for rupiah; 1,122.10 for won; 1.2958 for Singapore dollar
Pricing date:	Jan. 7
Settlement date:	Jan. 14
Agent:	HSBC Securities (USA) Inc.
Fees:	1%
Cusip:	4042K1CE1

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