HSBC to price 95% principal-protected notes linked to three currencies

By Angela McDaniels

Tacoma, Wash., Nov. 9 - HSBC USA Inc. plans to price zero-coupon 95% principal-protected notes due Nov. 21, 2011 linked to the performance of a basket of currencies relative to the U.S. dollar, according to an FWP filing with the Securities and Exchange Commission.

J.P. Morgan Securities Inc. is the agent.

The equally weighted basket includes the South Korean won, Indonesian rupiah and Singapore dollar.

The payout at maturity will be 95% of par plus at least 170% of any appreciation in the basket relative to the U.S. dollar, subject to a maximum payout of at least $1,200 per $1,000 principal amount. The exact participation rate and cap will be set at pricing.

If the basket depreciates relative to the U.S. dollar, the payout will be 95% of par.

The notes will price Nov. 16 and settle Nov. 21.

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