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HSBC Bank USA to price bullish Asian exchange rate-linked CDs
By Angela McDaniels
Tacoma, Wash., Oct. 1 - HSBC Bank USA, NA plans to price 0% bullish Asian exchange rate-linked certificates of deposit due Oct. 31, 2011 linked to a basket of currencies, according to a term sheet.
The basket includes equal weights of the Chinese renminbi, Indian rupee and Singapore dollar.
The payout at maturity will be par plus 140% to 160% of any appreciation in the basket relative to the U.S. dollar, with the exact participation rate to be set at pricing. If the basket remains flat or depreciates relative to the U.S. dollar, the payout will be par.
The CDs have a trade date of Oct. 27. They will price on Oct. 28 and settle on Oct. 31.
HSBC Securities (USA) Inc. will be the agent.
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