New Issue: HSBC sells $10.8 million one-year notes linked to Asian currencies

By Susanna Moon

Chicago, Dec. 7 - HSBC USA Inc. priced $10.8 million of 0% notes due Dec. 6, 2011 based on the performance of four equally weighted currencies relative to the U.S. dollar, according to a 424B2 filing with the Securities and Exchange Commission.

The underlying currencies are the Indian rupee, the Indonesian rupiah, the Korean won and the Singapore dollar.

If the basket return is at least 3%, the payout at maturity will be 95% of par plus the greater of the basket return and 14.75%.

Otherwise, investors will receive 95% of par.

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 against the U.S. dollar
Amount:	$10,804,000
Maturity:	Dec. 6, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus greater of basket return and 14.75% if basket return is 3% or more; otherwise, 95% of par
Initial exchange rates:	45.09 for rupee; 9,017 for rupiah; 1,143.50 for won; 1.3091 for Singapore dollar
Pricing date:	Dec. 3
Settlement date:	Dec. 10
Agent:	HSBC Securities (USA) Inc.
Fees:	1%
Cusip:	4042K1AU7

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