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HSBC plans to price two-year CARS linked to four Asian currencies
By Marisa Wong
Madison, Wis., March 2 - HSBC USA Inc. plans to price 0% Asian Currency Accelerated Return Securities due March 28, 2013 linked to a basket of currencies, according to an FWP filing with the Securities and Exchange Commission.
The basket includes equal weights of the Philippine peso, Malaysian ringgit, Indonesian rupiah and Singapore dollar.
The payout at maturity will be par plus 130% to 160% of any basket appreciation relative to the U.S. dollar. The exact participation rate will be set at pricing.
Investors will be exposed to any basket depreciation, subject to a minimum payout of $900 per $1,000 principal amount of notes.
The notes (Cusip: 4042K1EP4) will price March 25 and settle March 30.
HSBC Securities (USA) Inc. is the agent.
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