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HSBC plans knock-out buffer notes tied to Mexican peso via JPMorgan
By Jennifer Chiou
New York, Nov. 1 - HSBC USA Inc. plans to price 0% knock-out buffer notes due Nov. 19, 2012 linked to the Mexican peso relative to the dollar, according to an FWP with the Securities and Exchange Commission.
A knock-out event occurs if the currency falls by more than 25% relative to the initial level on the final valuation date of Nov. 9, 2012.
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 8.2%. The exact floor will be set at pricing.
The notes (Cusip: 4042K1RN5) are expected to price on Nov. 4 and settle on Nov. 11.
J.P. Morgan Securities LLC is the placement agent with HSBC Securities (USA) Inc. as distributor.
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