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HSBC to price return enhanced notes linked to two currencies vs. euro
By Angela McDaniels
Tacoma, Wash., May 18 - HSBC USA Inc. plans to price 0% return enhanced notes due May 26, 2011 linked to a basket of currencies relative to the euro, according to an FWP filing with the Securities and Exchange Commission.
The basket includes equal weights of the Mexican peso and Canadian dollar.
The payout at maturity will be par plus at least 235% of any appreciation of the basket relative to the euro, subject to a maximum return of at least 23.5%. Investors will be exposed to any basket depreciation relative to the euro.
The exact upside participation rate and maximum return will be set at pricing.
The notes are expected to price May 21 and settle May 26.
J.P. Morgan Securities Inc. is the agent.
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