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HSBC plans knock-out buffer notes linked to basket of three currencies
By Toni Weeks
San Diego, March 27 - HSBC USA Inc. plans to price 0% knock-out buffer notes due April 16, 2013 linked to a basket of three currencies relative to the dollar, according to an FWP with the Securities and Exchange Commission.
The equally weighted basket components include the Korean won, the Mexican peso and the Russian ruble.
A knock-out event occurs if the basket falls by more than 15% relative to the initial level on the final valuation date of April 9, 2013.
If a knock-out event occurs, the payout at maturity will be par plus the basket return, with full exposure to losses.
Otherwise, the payout will be par plus the basket return, subject to a contingent minimum return of at least 6.75%. The exact floor will be set at pricing.
The notes (Cusip: 4042K1C84) are expected to price March 30 and settle April 9.
HSBC Securities (USA) Inc. is the underwriter, and J.P. Morgan Securities LLC is the agent.
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