HSBC plans to price two-year 0% CARS linked to basket of currencies

By Marisa Wong

Madison, Wis., May 2 - HSBC USA Inc. plans to price 0% Currency Accelerated Return Securities due May 30, 2013 linked to a basket of currencies, according to an FWP filing with the Securities and Exchange Commission.

The basket includes equal weights of the Brazilian real, Australian dollar, Norwegian krone and Canadian dollar.

The payout at maturity will be par plus 150% to 180% of any basket appreciation relative to the U.S. dollar. The exact participation rate will be set at pricing.

Investors will be exposed to any basket depreciation, subject to a minimum payout of $900 per $1,000 principal amount of notes.

The notes (Cusip: 4042K1GR8) will price May 25 and settle May 31.

HSBC Securities (USA) Inc. is the agent.

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