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HSBC plans two-year 90% protected CARS on real, rupee and renminbi
By Susanna Moon
Chicago, April 5 - HSBC USA Inc. plans to price 0% emerging markets Currency Accelerated Return Securities due May 1, 2013 linked to a basket of equally weighted currencies, according to an FWP filing with the Securities and Exchange Commission.
The underlying currencies are the Brazilian real, Indian rupee and Chinese renminbi.
The payout at maturity will be par plus 160% to 190% of any basket gain, with the exact participation rate to be set at pricing.
Investors will be exposed to losses of up to 10%, with a minimum payout of $900 per $1,000 principal amount of notes.
HSBC Securities (USA) Inc. is the agent.
The notes will price on April 25 and settle on April 29.
The Cusip is 4042K1GC1.
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