Published on 4/4/2011 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $101,000 more CARS linked to Asian currency basket
By Susanna Moon
Chicago, April 4 - HSBC USA Inc. priced another $101,000 of 0% Asian Currency Accelerated Return Securities due March 25, 2013 linked to a basket of four equally weighted currencies relative to the U.S. dollar, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $352,000, up from $251,000.
The basket consists of the Philippine peso, Malaysian ringgit, Indonesian rupiah and Singapore dollar.
The payout at maturity will be par plus 130% of any basket gain. Investors will participate in losses if the basket falls by up to 10% and will receive a minimum of 90% of par at maturity.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Asian Currency Accelerated Return Securities
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Underlying basket: | Philippine peso, Malaysian ringgit, Indonesian rupiah and Singapore dollar against U.S. dollar, equally weighted
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Amount: | $352,000, up from $251,000
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Maturity: | March 25, 2013
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 130% of any basket gain; participation in losses up to 10%, with a floor of 90% of par
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Initial rates: | 43.343 for peso, 3.0254 for ringgit, 8,708 for rupiah and 1.2605 for Singapore dollar
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Pricing date: | March 24 for $251,000; March 25 for $101,000
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Settlement date: | March 25 for $251,000; April 4 for $101,000
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1.75%
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Cusip: | 4042K1EP4
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