New Issue: HSBC prices $982,000 of two-year CARS linked to real, rupee, renminbi

By Marisa Wong

Madison, Wis., March 28 - HSBC USA Inc. priced $982,000 of 0% emerging market Currency Accelerated Return Securities due March 28, 2013 linked to a basket of three equally weighted currencies relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.

The basket consists 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 participate in losses if the basket falls by up to 10% and will receive a minimum of 90% of par at maturity.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Emerging market Currency Accelerated Return Securities
Underlying basket:	Brazilian real, Indian rupee and Chinese renminbi against dollar, equally weighted
Amount:	$982,000
Maturity:	March 28, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 180% of any basket gain; participate in losses, with a floor of 90% of par
Initial rates:	1.6581 for real; 44.65 for rupee; 6.5580 for renminbi
Pricing date:	March 24
Settlement date:	March 25
Agent:	HSBC Securities (USA) Inc.
Fees:	2.3%
Cusip:	4042K1EQ2

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