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HSBC plans knock-out buffer notes linked to Mexican peso via JPMorgan
By Susanna Moon
Chicago, Oct. 11 - HSBC USA Inc. plans to price 0% knock-out buffer notes due Oct. 29, 2012 linked to the Mexican peso relative to the dollar, according to an FWP filing with the Securities and Exchange Commission.
A knock-out event occurs if the currency falls by more than 25% during the life of the notes.
If a knock-out event occurs, the payout at maturity will be par plus the currency return, with exposure to any losses.
Otherwise, the payout will be par plus any currency gain, with a contingent minimum return of at least 9.25%. The exact floor will be set at pricing.
J.P. Morgan Securities LLC and HSBC Securities (USA) Inc. are the agents.
The notes will price on Oct. 14 and settle on Oct. 21.
The Cusip is 4042K1QF3.
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