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HSBC to price knock-out buffer notes with 80% trigger linked to real
By Susanna Moon
Chicago, June 27 - HSBC USA Inc. plans to price 0% knock-out buffer notes due July 16, 2013 linked to the Brazilian real relative to the dollar, according to an FWP with the Securities and Exchange Commission.
A knock-out event occurs if the currency finishes below 80% of the initial level.
If a knock-out event does not occur, the payout will be par plus any currency gain, with a contingent minimum return of at least 8.7%. The exact floor will be set at pricing.
Otherwise, the payout at maturity will be par plus the currency return, with exposure to any losses.
HSBC Securities (USA) Inc. is the underwriter with J.P. Morgan Securities LLC as the distributor.
The notes will price on June 29 and settle on July 9.
The Cusip number is 4042K1U92.
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