New Issue: HSBC prices $2.54 million CARS linked to real, rupee, renminbi

By Angela McDaniels

Tacoma, Wash., April 27 - HSBC USA Inc. priced $2.54 million of 0% emerging market Currency Accelerated Return Securities due May 1, 2013 linked to the performance of a basket of currencies relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.

The basket includes equal weights of the Brazilian real, the Indian rupee and the Chinese renminbi.

The payout at maturity will be par plus 180% of any basket gain. Investors will be exposed to any basket decline, subject to a minimum payout of 90% of par.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Emerging market Currency Accelerated Return Securities
Underlying currencies:	Brazilian real, Indian rupee and Chinese renminbi against dollar, equally weighted
Amount:	$2,537,000
Maturity:	May 1, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 180% of any basket gain; participate in losses, subject to maximum loss of 10%
Initial spot rates:	1.5654 for real; 44.59 for rupee; 6.5173 for renminbi
Pricing date:	April 26
Settlement date:	April 29
Agent:	HSBC Securities (USA) Inc.
Fees:	2.3%
Cusip:	4042K1GC1

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