HSBC to price 90% protected notes linked to Chinese renminbi

By Toni Weeks

San Diego, Sept. 10 - HSBC USA Inc. plans to price 0% currency-linked partial principal at risk securities due Oct. 2, 2014 linked to the Chinese renminbi 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 200% to 250% of the currency return. The exact participation rate will be set at pricing.

If the renminbi depreciates relative to the dollar, investors will share in those losses, subject to a minimum payment at maturity of $900 per $1,000 principal amount.

The notes (Cusip: 06738G191) are expected to price Sept. 28 and settle Oct. 2.

HSBC Securities (USA) Inc. is the agent.

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