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HSBC plans knock-out buffer notes tied to Mexican peso via JPMorgan
By Toni Weeks
San Luis Obispo, Calif., Jan. 29 - HSBC USA Inc. plans to price 0% knock-out buffer notes due Feb. 18, 2014 linked to the Mexican peso 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 15% relative to the initial level on the final valuation date of Feb. 10, 2014.
If a knock-out event occurs, the payout at maturity will be par plus the currency return, with full exposure to losses.
Otherwise, the payout will be par plus 175% of the currency return, subject to a contingent minimum return of 2%.
The notes (Cusip: 40432XAM3) are expected to price Feb. 1 and settle Feb. 8.
HSBC Securities (USA) Inc. is the underwriter with J.P. Morgan Securities LLC as the agent.
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