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HSBC to price 95% protected notes tied to BRIC currencies via JPMorgan
By Angela McDaniels
Tacoma, Wash., July 21 - HSBC USA Inc. plans to price zero-coupon 95% principal-protected notes due July 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 includes equal weights of the Brazilian real, Russian ruble, Indian rupee and Chinese renminbi.
The payout at maturity will be 95% of par plus at least 290% of any appreciation in the basket relative to the dollar, subject to a maximum return of at least 38.5%. The exact participation rate and cap will be set at pricing.
If the basket depreciates relative to the dollar, the payout will be 95% of par.
The notes are expected to price July 24.
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