HSBC to price 98% principal-protected notes linked to BRIC currencies

By Angela McDaniels

Tacoma, Wash., Oct. 29 - HSBC USA Inc. plans to price zero-coupon 98% principal-protected notes due Nov. 3, 2011 linked to a basket of currencies, according to an FWP filing with the Securities and Exchange Commission.

J.P. Morgan Securities Inc. is the agent.

The basket consists of equal weights of the Brazilian real, Russian ruble, Indian rupee and Chinese renminbi.

The payout at maturity will be 98% of par plus at least 109.81% of any basket appreciation relative to the dollar, subject to a maximum return of at least 14.4715%. The exact participation rate and cap will be set at pricing.

Investors will receive at least 98% of par.

The notes are expected to price on Oct. 30 and settle on Nov. 4.

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