CALCULATION OF REGISTRATION FEE
|
||||
Title of Each Class of
Securities Offered
|
Maximum Aggregate
Offering Price |
Amount of Registration
Fee (1) |
||
HSBC USA Inc. Collared Floating Rate Notes due May 4, 2016
|
$2,076,000
|
$241.02
|
||
}
|
$2,076,000 Collared Floating Rate Notes due May 4, 2016
|
}
|
Quarterly coupon payments at a variable rate equal to the 2-Year Constant Maturity Swap Rate, subject to a coupon floor of 2.00% per annum and a coupon cap of 6.00% per annum
|
}
|
All payments on the Notes, including the repayment of principal, are subject to the credit risk of HSBC USA Inc.
|
Price to Public1
|
Fees and Commissions2
|
Proceeds to Issuer
|
|
Per Note
|
At variable prices
|
$7.143
|
$992.863
|
Total
|
At variable prices
|
$14,820.00
|
$2,061,180.00
|
Issuer:
|
HSBC USA Inc.
|
Principal Amount:
|
$1,000 per Note.
|
Trade Date:
|
April 29, 2011
|
Pricing Date:
|
April 29, 2011
|
Original Issue Date:
|
May 4, 2011
|
Maturity Date:
|
May 4, 2016, or if such day is not a Business Day, the next succeeding Business Day.
|
Payment at Maturity:
|
On the Maturity Date, for each Note, we will pay you the Principal Amount of your Notes plus the final Coupon.
|
Coupon:
|
The Coupon is paid quarterly and is based upon the applicable Coupon Rate set forth below. The Coupon payable for any Coupon Period will be computed on the basis of a 360-day year consisting of twelve 30-day months.
|
Coupon Rate:
|
With respect to each Coupon Period, a rate per annum equal to the lesser of (a) the 2-Year Constant Maturity Swap Rate on the applicable Coupon Determination Date (as defined below), subject to the Coupon Floor and (b) the Coupon Cap. In no case will the Coupon Rate for any Coupon Period be less than the Coupon Floor or greater than the Coupon Cap. The Coupon Rate will be reset quarterly on the applicable Coupon Determination Date.
|
Coupon Periods:
|
The period beginning on and including the Original Issue Date and ending on but excluding the first Coupon Payment Date, and each successive period beginning on and including a Coupon Payment Date and ending on but excluding the next succeeding Coupon Payment Date.
|
Coupon Floor:
|
2.00% per annum.
|
Coupon Cap:
|
6.00% per annum.
|
2-Year Constant Maturity Swap Rate:
|
The 11 a.m. fix of 2-Year Constant Maturity Swap Rate as published on Reuters page “ISDAFIX1” on the “Coupon Determination Date,” which is, with respect to any Coupon Period, the date which is two Business Days immediately preceding such Coupon Period. If such fixing is not available, the relevant rate will be a percentage determined on the basis of the mid-market semi-annual swap rate quotation which appears on the ICAP SwapPX Screen 272 Page under the heading “11:00 a.m. Rates”, at approximately 11:00 a.m., New York City time, on the relevant Coupon Determination Date, and, for this purpose, the semi-annual swap rate means the mean of the bid and offered rates for the semi-annual fixed leg, calculated on a 30/360 day count basis, of a fixed-for-floating U.S. dollar interest rate swap transaction with an acknowledged dealer of good credit in the swap market, where the floating leg, calculated on an actual/360 day count basis, is equivalent to the 3-Month LIBOR which appears on Reuters page “LIBOR01”.
|
Coupon Payment Dates:
|
The fourth calendar day of each August, November, February and May, commencing on August 4, 2011, up to and including the Maturity Date, provided that if any such day is not a Business Day, the relevant Coupon Payment Date shall be the next succeeding Business Day and no adjustment will be made to any Coupon payment made on that succeeding Business Day. If the Maturity Date falls on a date that is not a Business Day, payment of the Coupon and principal will be made on the next succeeding Business Day, and no interest will accrue for the period from and after the originally scheduled Maturity Date.
|
Business Day:
|
Any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in the City of New York.
|
CUSIP/ISIN:
|
4042K1GH0 / US4042K1GH06
|
Form of Notes:
|
Book-Entry
|
Listing:
|
The Notes will not be listed on any U.S. securities exchange or quotation system.
|
}
|
The prospectus supplement at: http://www.sec.gov/Archives/edgar/data/83246/000114420409019785/v145824_424b2.htm
|
}
|
The prospectus at: http://www.sec.gov/Archives/edgar/data/83246/000104746909003736/a2192100zs-3asr.htm
|
}
|
You are willing to make an investment based on a Coupon Rate dependant on the 2-Year Constant Maturity Swap Rate, subject to the Coupon Floor and the Coupon Cap.
|
}
|
You are willing to make an investment with a minimum Coupon Rate equal to the Coupon Floor.
|
}
|
You believe the 2-Year Constant Maturity Swap Rate on the Coupon Determination Dates or the Coupon Floor will generally be high enough to provide you with a satisfactory return on your investment.
|
}
|
You are willing to invest in the Notes based on a capped return equal to the Coupon Cap, which may limit your Coupon on any Coupon Payment Date.
|
}
|
You do not seek an investment for which there is an active secondary market.
|
}
|
You are willing to hold the Notes to maturity.
|
}
|
You are comfortable with the creditworthiness of HSBC, as Issuer of the Notes.
|
}
|
You are unwilling to invest in the Notes based on the 2-Year Constant Maturity Swap Rate applicable to the corresponding Coupon Payment Date.
|
}
|
You believe that the Coupon Floor or the 2-Year Constant Maturity Swap Rate will not be high enough to provide you with your desired return.
|
}
|
You are unwilling to invest in the Notes based on the Coupon Cap, which may limit the Coupons for each Coupon Period.
|
}
|
You prefer the lower risk, and therefore accept the potentially lower returns, of conventional debt securities with comparable maturities issued by HSBC or another issuer with a similar credit rating.
|
}
|
You seek an investment for which there will be an active secondary market.
|
}
|
You are unable or unwilling to hold the Notes to maturity.
|
}
|
You are not willing or are unable to assume the credit risk associated with HSBC, as Issuer of the Notes.
|
|
·
|
“— Risks Relating to All Note Issuances;”
|
|
·
|
“—Additional Risks Relating to Notes With a Reference Asset That Is a Floating Interest Rate, an Index Containing Floating Interest Rates or Based in Part on a Floating Interest Rate”; and
|
|
·
|
“—Additional Risks Relating to Notes With a Maximum Limitation, Maximum Rate, Ceiling or Cap”.
|
·
|
interest and yield rates in the market,
|
·
|
changes in, or perceptions about, the future 2-Year Constant Maturity Swap Rate,
|
·
|
general economic conditions,
|
·
|
policies of the Federal Reserve Board regarding interest rates,
|
·
|
sentiment regarding underlying strength in the U.S. and global economies,
|
·
|
expectations regarding the level of price inflation,
|
·
|
sentiment regarding credit quality in the U.S. and global credit markets,
|
·
|
central bank policy regarding interest rates,
|
·
|
inflation and expectations concerning inflation,
|
·
|
performance of capital markets,
|
·
|
geopolitical conditions and economic, financial, political, regulatory or judicial events that affect markets generally and that may affect the 2-Year Constant Maturity Swap Rate,
|
·
|
the time remaining to the maturity of the Notes, and
|
·
|
the creditworthiness of the Issuer.
|
Hypothetical 2-Year Constant Maturity Swap Rate
|
Coupon Floor
|
Coupon Cap
|
Coupon Rate
|
Coupon
|
|
8.00%
|
2.00%
|
6.00%
|
6.00%
|
$15.00
|
|
7.00%
|
2.00%
|
6.00%
|
6.00%
|
$15.00
|
|
6.00%
|
2.00%
|
6.00%
|
6.00%
|
$15.00
|
|
5.00%
|
2.00%
|
6.00%
|
5.00%
|
$12.50
|
|
4.00%
|
2.00%
|
6.00%
|
4.00%
|
$10.00
|
|
3.80%
|
2.00%
|
6.00%
|
3.80%
|
$9.50
|
|
3.60%
|
2.00%
|
6.00%
|
3.60%
|
$9.00
|
|
3.40%
|
2.00%
|
6.00%
|
3.40%
|
$8.50
|
|
3.20%
|
2.00%
|
6.00%
|
3.20%
|
$8.00
|
|
3.00%
|
2.00%
|
6.00%
|
3.00%
|
$7.50
|
|
2.80%
|
2.00%
|
6.00%
|
2.80%
|
$7.00
|
|
2.60%
|
2.00%
|
6.00%
|
2.60%
|
$6.50
|
|
2.40%
|
2.00%
|
6.00%
|
2.40%
|
$6.00
|
|
2.20%
|
2.00%
|
6.00%
|
2.20%
|
$5.50
|
|
2.00%
|
2.00%
|
6.00%
|
2.00%
|
$5.00
|
|
1.50%
|
2.00%
|
6.00%
|
2.00%
|
$5.00
|
|
1.00%
|
2.00%
|
6.00%
|
2.00%
|
$5.00
|
|
0.00%
|
2.00%
|
6.00%
|
2.00%
|
$5.00
|
TABLE OF CONTENTS
|
You should only rely on the information contained in this pricing supplement, the accompanying prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this pricing supplement, the accompanying prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This pricing supplement, the accompanying prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this pricing supplement, the accompanying prospectus supplement and prospectus is correct on any date after their respective dates.
HSBC USA Inc.
$2,076,000 Collared Floating
Rates Notes due May 4, 2016 April 29, 2011
PRICING SUPPLEMENT
|
||
Pricing Supplement
|
|||
General
|
PS-4
|
||
Investor Suitability
|
PS-5
|
||
Risk Factors
|
PS-6
|
||
Illustrative Examples
|
PS-8
|
||
Historical Performance of the 2-Year Constant Maturity Swap Rate
|
PS-9
|
||
Events of Default and Acceleration
|
PS-9
|
||
Supplemental Plan of Distribution (Conflicts of Interest)
|
PS-10
|
||
Certain U.S. Federal Income Tax Considerations
|
PS-10
|
||
Prospectus Supplement
|
|||
Risk Factors
|
S-3
|
||
Pricing Supplement
|
S-16
|
||
Description of Notes
|
S-16
|
||
Sponsors or Issuers and Reference Asset
|
S-37
|
||
Use of Proceeds and Hedging
|
S-37
|
||
Certain ERISA
|
S-38
|
||
Certain U.S. Federal Income Tax Considerations
|
S-39
|
||
Supplemental Plan of Distribution
|
S-52
|
||
Prospectus
|
|||
About this Prospectus
|
2
|
||
Special Note Regarding Forward-Looking Statements
|
2
|
||
HSBC USA Inc.
|
3
|
||
Use of Proceeds
|
3
|
||
Description of Debt Securities
|
4
|
||
Description of Preferred Stock
|
16
|
||
Description of Warrants
|
22
|
||
Description of Purchase Contracts
|
26
|
||
Description of Units
|
29
|
||
Book-Entry Procedures
|
32
|
||
Limitations on Issuances in Bearer Form
|
36
|
||
Certain U.S. Federal Income Tax Considerations Relating to Debt Securities
|
37
|
||
Plan of Distribution
|
52
|
||
Notice to Canadian Investors
|
54
|
||
Certain ERISA Matters
|
58
|
||
Where You Can Find More Information
|
59
|
||
Legal Opinions
|
59
|
||
Experts
|
59
|
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