New Issue: HSBC sells $7.56 million PLUS linked to iShares MSCI Emerging Markets

By E. Janene Geiss

Philadelphia, March 29 - HSBC USA Inc. priced $7.56 million of 0% Performance Leveraged Upside Securities due April 30, 2012 linked to 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 of $10.00 plus triple any gain in the fund, up to a maximum of $11.775 per note. Investors will be exposed to any losses.

HSBC Securities (USA) Inc. is the agent. It will use all of the fees it receives to pay a sales commission to Morgan Stanley Smith Barney LLC.

Issuer:	HSBC USA Inc.
Issue:	Performance Leveraged Upside Securities
Underlying ETF:	iShares MSCI Emerging Markets index fund
Amount:	$7,557,800
Maturity:	April 30, 2012
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	Par plus 300% of any fund gain, capped at 17.75%; exposure to losses
Initial price:	$47.34
Pricing date:	March 25
Settlement date:	March 30
Agent:	HSBC Securities (USA) Inc.
Fees:	2%
Cusip:	40433C205

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