HSBC to price protected notes linked to Chinese renminbi via JPMorgan

By Toni Weeks

San Diego, May 8 - HSBC USA Inc. plans to price 0% notes due May 15, 2014 linked to the Chinese renminbi exchange rate relative to the dollar, according to an FWP filing with the Securities and Exchange Commission.

If the currency return is positive, the payout at maturity will be par plus 148% of the currency return.

Investors will receive par if the exchange rate declines.

The notes (Cusip: 4042K1M59) are expected to price May 8 and settle May 15.

HSBC Securities (USA) Inc. is the underwriter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as agents.

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