HSBC plans two-year 90% protected CARS on real, rupee and renminbi

By Jennifer Chiou

New York, May 24 - HSBC USA Inc. plans to price 0% emerging markets Currency Accelerated Return Securities due June 20, 2013 linked to equal weights of the Brazilian real, Indian rupee and Chinese renminbi, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 160% to 190% of any basket gain, with the exact participation rate to be set at pricing.

Investors will be exposed to losses of up to 10%, with a minimum payout of $900 per $1,000 principal amount of notes.

The notes (Cusip: 4042K1HW6) will price on June 16 and settle on June 21.

HSBC Securities (USA) Inc. is the agent.

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