New Issue: HSBC sells $3.53 million 95% protected notes linked to BRIC currencies via JPMorgan

By Susanna Moon

Chicago, July 28 - HSBC USA Inc. priced $3.53 million of zero-coupon 95% principal-protected notes due July 29, 2011 linked to the performance of a basket of equally weighted currencies relative to the dollar, according to an FWP filing with the Securities and Exchange Commission.

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

The underlying currencies are the Brazilian real, Russian ruble, Indian rupee and Chinese renminbi.

The payout at maturity will be $950 plus 290% of any basket gain, up to a maximum payout of $1,385 per note.

Investors will receive at least $950.

Issuer:	HSBC USA Inc.
Issue:	95% principal-protected notes
Underlying currencies:	Brazilian real, Russian ruble, Indian rupee and Chinese renminbi, equally weighted
Amount:	$3,525,000
Maturity:	July 29, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	$950 plus 290% of any basket gain, capped at $1,385 per note; floor of 95% of par
Initial spot rates:	1.8960 for real, 31.0963 for ruble, 48.38 for rupee and 6.8318 for renminbi
Pricing date:	July 24
Settlement date:	July 29
Agent:	J.P. Morgan Securities Inc.
Fees:	1.5%

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