Published on 6/17/2011 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $2.35 million two-year CARS linked to three EM currencies
By Toni Weeks
San Diego, June 17 - HSBC USA Inc. priced $2.35 million of 0% EM Currency Accelerated Return Securities due June 20, 2013 linked to a basket of three currencies, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes equal weights of the Brazilian real, the Indian rupee and the Chinese renminbi.
The payout at maturity will be par plus 190% of any basket appreciation relative to the U.S. dollar.
Investors will be exposed to any basket depreciation, subject to a minimum payout of $900 per $1,000 principal amount of notes.
HSBC Securities (USA) Inc. is the agent.
| Issuer: | HSBC USA Inc.
|
| Issue: | EM Currency Accelerated Return Securities
|
| Underlying currencies: | Brazilian real, Indian rupee and Chinese renminbi, equally weighted and each relative to the dollar
|
| Amount: | $2.35 million
|
| Maturity: | June 20, 2013
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If basket return is positive, par plus 190% of basket return; if basket return is zero or negative, par plus basket return, subject to minimum payout of $900 per $1,000 of notes
|
| Initial spot rates: | 1.6108 for real, 44.9 for rupee, 6.4803 for renminbi
|
| Pricing date: | June 15
|
| Settlement date: | June 21
|
| Agent: | HSBC Securities (USA) Inc.
|
| Fees: | 2.3%
|
| Cusip: | 4042K1HR7
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
