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HSBC plans barrier notes with step-up digital return on Brazilian real
By Toni Weeks
San Luis Obispo, Calif., March 12 - HSBC USA Inc. plans to price 0% barrier notes with step-up digital return due March 27, 2014 linked to the Brazilian real relative to the dollar, according to an FWP filing with the Securities and Exchange Commission.
If the currency return is more than 3%, the payout at maturity will be $1,285 for each $1,000 principal amount of notes.
If the currency gains by 3% or less, the payout will be $1,050 per $1,000 of notes.
If the currency falls but finishes at or above the 85% barrier level, the payout will be par.
Otherwise, investors will be fully exposed to all losses.
HSBC Securities (USA) Inc. will be the underwriter with J.P. Morgan Securities LLC as dealer.
The notes will price March 13 and settle March 20.
The Cusip number is 40432XD32.
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