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HSBC plans barrier notes with step-up digital return on Mexican peso
By Susanna Moon
Chicago, Nov. 16 - HSBC USA Inc. plans to price 0% barrier notes due Dec. 3, 2013 with step-up digital return linked to the Mexican peso relative to the dollar, according to an FWP filing with the Securities and Exchange Commission.
If the currency return is more than 3%, the payout at maturity will be $1,170 for each $1,000 principal amount of notes.
If the currency gains by up to 3%, the payout will be $1,030 per $1,000 of notes.
If the currency finishes at or above the 85% barrier level, the payout will be par.
Otherwise, investors will be fully exposed to all losses.
HSBC Securities (USA) Inc. will be the underwriter with J.P. Morgan Securities LLC as the agent.
The notes will price on Nov. 16 and settle on Nov. 26.
The Cusip number is 40432X3Q2.
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