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HSBC to price knock-out buffer notes tied to basket of four currencies
By Toni Weeks
San Diego, Oct. 23 - HSBC USA Inc. plans to price 0% knock-out buffer notes due May 2, 2014 linked to a basket of four currencies relative to the dollar, according to an FWP with the Securities and Exchange Commission.
The equally weighted basket components include the Indian rupee, the Indonesian rupiah, the Korean won and the Malaysian ringgit.
A knock-out event occurs if the basket falls by more than 10% relative to the initial level on the final valuation date of April 25, 2014.
If a knock-out event occurs, the payout at maturity will be par plus the basket return, with full exposure to losses.
Otherwise, the payout will be par plus the basket return, subject to a contingent minimum return of 10.4%.
The notes (Cusip: 4042K17J6) are expected to price Oct. 26 and settle Nov. 2.
HSBC Securities (USA) Inc. is the underwriter, and J.P. Morgan Securities LLC is the agent.
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