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HSBC plans knock-out buffer notes tied to Brazilian real via JPMorgan
By Toni Weeks
San Luis Obispo, Calif., March 26 - HSBC USA Inc. plans to price 0% knock-out buffer notes due April 14, 2014 linked to the Brazilian real relative to the dollar, according to an FWP filing with the Securities and Exchange Commission.
A knock-out event occurs if the currency falls by more than 10% relative to the initial level on the final valuation date of April 7, 2014.
If a knock-out event occurs, the payout at maturity will be par plus the currency return, with exposure to losses.
Otherwise, the payout will be par plus the greater of the currency return and a contingent minimum return of 8.5%.
The notes (Cusip: 40432XD65) are expected to price March 28 and settle April 5.
HSBC Securities (USA) Inc. will be the underwriter with J.P. Morgan Securities LLC and JPMorgan Chase Bank NA as dealers.
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