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HSBC plans knock-out buffer notes linked to Chilean peso via JPMorgan
By Toni Weeks
San Diego, Oct. 28 - HSBC USA Inc. plans to price 0% knock-out buffer notes due Nov. 20, 2012 linked to the Chilean peso relative to the dollar, according to an FWP filing with the Securities and Exchange Commission.
A knock-out event occurs if the currency falls by more than 25% during the life of the notes.
If a knock-out event occurs, the payout at maturity will be par plus the currency return, with exposure to any losses.
Otherwise, the payout will be par plus any currency gain, with a contingent minimum return of at least 7.2%. The exact floor will be set at pricing.
HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC are the agents.
The notes will price Nov. 2 and settle Nov. 9.
The Cusip number is 4042K1RF2.
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