New Issue: HSBC prices $0.605 million 15.25% reverse convertibles linked to Target

New York, April 28 - HSBC USA Inc. priced $0.605 million of 15.25% reverse convertible notes due July 30, 2008 linked to Target Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Target stock falls below the protection price of $43.184, 80% of the initial price of $53.98, during the life of the notes and finishes below the initial price in which case the payout will be Target shares equal to $1,000 principal amount divided by the initial price.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Reverse convertible notes
Underlying stock:	Target Corp. (Symbol: TGT)
Amount:	$0.605 million
Maturity:	July 30, 2008
Coupon:	15.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Target stock falls below the protection price of $43.184, 80% of the initial price, and finishes below the initial price, in which case Target shares equal to $1,000 principal amount divided by the initial price
Initial price:	$53.98
Protection price:	$43.184, 80% of $53.98
Pricing date:	April 25
Settlement date:	April 30
Agent:	HSBC Securities (USA) Inc.
Fees:	2%

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