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HSBC to price knock-out buffer notes linked to Indonesian rupiah
By Toni Weeks
San Diego, June 20 - HSBC USA Inc. plans to price 0% knock-out buffer notes due July 9, 2013 linked to the Indonesia rupiah relative to the dollar, according to an FWP with the Securities and Exchange Commission.
A knock-out event occurs if the currency falls by more than 20% relative to the initial level on the final valuation date of July 1, 2013.
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 7.75%. The exact floor will be set at pricing.
The notes (Cusip: 4042K1U27) are expected to price June 22 and settle June 29.
HSBC Securities (USA) Inc. is the underwriter with J.P. Morgan Securities LLC as the distributor.
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