HSBC to sell 95% principal-protected notes linked to BRIC currencies via JPMorgan

By E. Janene Geiss

Philadelphia, July 22 - HSBC USA Inc. plans to price zero-coupon 95% principal-protected notes due July 29, 2011 linked to the performance of the dollar against a basket of the BRIC currencies, according to an FWP filing with the Securities and Exchange Commission.

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

The basket consists of equal weights of the Brazilian real, Russian ruble, Indian rupee and Chinese renminbi.

For each $1,000 note, the payout at maturity will be $950 plus at least 290% of any gain on the basket against the dollar, capped at 38.5%. The maximum payout on the notes will be $1,385.00 per note. The exact participation rate and cap will be set at pricing.

Investors will receive at least $950.00.

The notes are expected to price July 24 and settle July 29.

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