New Issue: HSBC prices $35.38 million market-linked step-up notes on Euro Stoxx

By Jennifer Chiou

New York, Feb. 25 - HSBC USA Inc. priced $35,384,250 of 0% market-linked step-up notes due Feb. 27, 2015 tied to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above the step-up value - 121% of the initial level - the payout at maturity will be par plus the index gain.

If the index finishes below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 21%.

Investors will be fully exposed to any losses beyond 5%.

BofA Merrill Lynch is the underwriter.

Issuer:	HSBC USA Inc.
Issue:	Market-linked step-up notes
Underlying index:	Euro Stoxx 50
Amount:	$35,384,250
Maturity:	Feb. 27, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes at or above the step-up level, par plus the gain; if index stays flat or gains up to step-up level, par plus 21%; otherwise, exposure to any losses beyond 5%
Initial index level:	2,579.76
Step-up level:	3,121.51, 121% of initial level
Pricing date:	Feb. 21
Settlement date:	Feb. 28
Underwriters:	BofA Merrill Lynch
Fees:	2%
Cusip:	40433T349

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