HSBC plans return enhanced notes linked to deliverable renminbi

By Angela McDaniels

Tacoma, Wash., Jan. 15 - HSBC USA Inc. plans to price 0% return enhanced notes due Jan. 31, 2014 linked to the performance of the deliverable Chinese renminbi relative to the dollar, according to an FWP filing with the Securities and Exchange Commission.

If the reference currency return is greater than or equal to zero, meaning the renminbi has appreciated relative to the dollar, the payout at maturity will be par plus 400% of the reference currency return. If the reference currency return is less than zero, investors will be fully exposed to the decline.

The notes will price Jan. 16 and settle Jan. 24.

HSBC Securities (USA) Inc. will buy the notes from the issuer for distribution to J.P. Morgan Securities LLC for resale.

The Cusip number is 40432XA35.

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