By Jennifer Chiou
New York, Nov. 18 - HSBC USA Inc. priced $2.62 million of 0% knock-out buffer notes due Nov. 30, 2012 linked to the performance of the Turkish lira relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-out event occurs if the Turkish lira has depreciated by more than 25% relative to the initial level on Nov. 23, 2012.
If a knock-out event occurs, the payout at maturity will be par plus the currency return. Otherwise, the payout will be par plus the greater of the currency return and 10%.
HSBC Securities (USA) Inc. is the underwriter with J.P. Morgan Securities LLC as distributor.
| Issuer: | HSBC USA Inc.
|
| Issue: | Knock-out buffer notes
|
| Underlying currency: | Turkish lira relative to dollar
|
| Amount: | $2.62 million
|
| Maturity date: | Nov. 30, 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If Turkish lira has depreciated on Nov. 23, 2012 by more than 25% compared to initial spot rate, par plus currency return; otherwise, par plus greater of currency return and 10%
|
| Initial exchange rate: | 1.80075 Turkish lira per dollar
|
| Pricing date: | Nov. 16
|
| Settlement date: | Nov. 23
|
| Underwriter: | HSBC Securities (USA) Inc. with J.P. Morgan Securities LLC as distributor
|
| Fees: | 1%
|
| Cusip: | 4042K1SV6
|
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