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HSBC plans two-year digital dual directional notes on Brazilian real
New York, Nov. 20 – HSBC USA Inc. plans to price 0% digital dual directional notes due November 2017 linked to the Brazilian real relative to the U.S. dollar, according to an FWP filing with the Securities and Exchange Commission.
If the currency gains or loses no more than the barrier amount, the payout at maturity will be par plus the greater of the minimum upside return of 20% and the currency gain.
If the currency drops by more than the barrier level, the payout will be par plus the real’s return with full exposure to any losses.
The barrier amount will be between 40% and 50%, with the exact level to be set at pricing.
HSBC Securities (USA) Inc. is the underwriter.
The notes will price and settle in November.
The Cusip number is 40433UDM5.
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