HSBC plans return enhanced notes tied to deliverable Chinese renminbi

By Toni Weeks

San Diego, Dec. 12 - HSBC USA Inc. plans to price 0% return enhanced notes due Dec. 30, 2013 linked to the deliverable Chinese renminbi relative to the dollar, according to an FWP filing with the Securities and Exchange Commission.

If the currency return is zero or positive, the payout at maturity will be par plus 500% of the currency return.

If the renminbi return is negative, investors will share in those losses.

The exchange rate is expressed as the number of deliverable Chinese renminbi per one dollar, for settlement on the same day.

The notes (Cusip: 40432X5J6) are expected to price Dec. 14 and settle Dec. 21.

HSBC Securities (USA) Inc. will be the underwriter. J.P. Morgan Securities LLC will be the dealer.

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