2 2 Dual Investment Product Sheet This Product Sheet must be read in conjunction with the Dual s and Conditions and the Dual Investment Mandate which contains a Product Checklist to ensure that a Dual Investment (DCI) is an appropriate investment for you. The DCI is likely to be appropriate for you if you: Understand how foreign exchange markets work Understand that DCI has foreign exchange risk Understand how a DCI works Understand that you might be able to generate a better return by investing directly into the currency Are aware of and accept the risks associated with a DCI Accept that you could get back less than the amount you invest. This DCI is provided without advice. If you have any questions about the suitability of this product for you or you have any tax concerns, we strongly recommend you seek financial and tax advice from your professional advisers. This Product Sheet forms part of the Terms and Conditions and your agreement with us. Please refer to the DCI Terms and Conditions for a full list of defined terms. The DCI Terms and Conditions shall prevail over this Product Sheet in respect of any inconsistency. The HSBC Expat DCI provides an enhanced yield. By investing in a DCI, you invest in a product that is linked to the exchange rate movement of a currency pair that you select. An enhanced yield is offered in return for you accepting foreign exchange risk. Your investment and return may be paid in the weaker currency within your currency pair at maturity, at an exchange rate selected by you at the time the investment is made, and that this could result in you getting back less than the amount you invested. A detailed list of the risks associated with a DCI is included at the end of this Product Sheet. You have: 1. A choice of terms Terms range from 1 week to 12 months although a typical term is less than 3 months. 2. DCI is available in the following currencies United Arab Emirates Dirham (AED), Australian dollar (AUD), Canadian dollar (CAD), Danish kroner (DKK), Euro (EUR), Hong Kong dollar (HKD), Japanese yen (JPY), New Zealand dollar (NZD), Norwegian kroner (NOK), Polish Zloty (PLN), Singapore dollar (SGD), South African rand (ZAR), Sterling (), Swedish kroner (SEK), Swiss franc (CHF) and US dollar (USD). 3. The following currency pairs are available: AUD/CAD, AUD/CHF, AUD/DKK, AUD/HKD, AUD/JPY, AUD/NOK, AUD/NZD, AUD/SEK, AUD/SGD, AUD/USD, AUD/ZAR, CAD/CHF, CAD/HKD, CAD/JPY, CAD/NOK, CAD/SEK, CAD/ZAR, CHF/AED, CHF/DKK, CHF/HKD, CHF/JPY, CHF/SEK, CHF/ZAR, DKK/ZAR, EUR/AED, EUR/AUD, EUR/CAD, EUR/CHF, EUR/DKK, EUR/, EUR/HKD, EUR/JPY, EUR/PLN, EUR/NOK, EUR/NZD, EUR/SEK, EUR/SGD, EUR/USD, EUR/ZAR, /AED, /AUD, /CAD, /CHF, /DKK, /HKD, /JPY, /NOK, /NZD, /SEK, /SGD, /USD, /ZAR, HKD/JPY, HKD/NOK, HKD/SEK, NOK/CHF, NOK/DKK, NOK/JPY, NZD/CAD, NZD/CHF, NZD/DKK, NZD/HKD, NZD/JPY, NZD/NOK, NZD/SEK, NZD/USD, NZD/ZAR, SEK/DKK, SEK/JPY, SEK/NOK, SEK/ZAR, USD/CAD, USD/CHF, USD/DKK, USD/HKD, USD/JPY, USD/PLN, USD/NOK, USD/SEK, USD/SGD, USD/ZAR, ZAR/JPY pairs are always quoted as shown above. Other currencies pairs may be offered in the future. 4. A choice of investment amount Minimum amount USD50,000; maximum amount USD2,500,000 or the equivalent in one of the currencies above. 5. Access to Market Information Our FX team can provide you with up-to-date information on currency markets, which could help you make informed decisions and take advantage of any potential opportunities that may arise. A Dual Investment is a high risk investment which could result in you getting back significantly less than the amount you invested. By investing in a Dual Investment you are investing in a product that is linked to the exchange rate movement of a currency pair that you select. An enhanced yield is offered in return for you accepting the foreign exchange risks. At maturity, your investment and return may be paid in the weaker currency within your currency pair and at the exchange rate you agreed when you made the investment. A Dual Investment is provided without advice. If you have any questions about the suitability of this product for you, or you have any tax concerns, we strongly recommend you seek financial and tax advice from your professional advisers. When you invest in a Dual Investment, there is no cooling off period and you can t withdraw your money until the end of the investment term. Our Dual Investments are not available in every country. Dual Investments are not available to residents of Australia, Canada, France, Luxembourg, Netherlands, New Zealand, Poland or the United States of America. To find out if Dual Investments are available in your country of residence please call us on if you are a Premier customer or if you are an Advance customer. How a Dual Investment Works Step 1. You must complete and return the DCI Mandate. Step 2. You must be an existing customer of HSBC Bank International Limited (the Bank) and be registered for Personal Internet Banking. Step 3. Premier customers call and Advance customers please call on Mon to Fri (8am to 5pm, excluding public holi) to contact the FX Team to place your DCI. To help us continually improve our service and in the interest of security we may monitor and/or record your communication with us. Step 4: Choose a currency pair from those available. You must have accounts with the Bank in both currencies.
3 3 Step 5. Decide the investment amount and which of the two currencies you would like to make your investment in. This will be your Base. The other currency will be the Alternate. Step 6. Your investment amount must be made available as cleared funds in your nominated Base account to be debited by the Bank and transferred into the DCI on the date that your DCI commences (the DCI ). This will be two Business Days after you enter into your DCI. A hold will be placed on the funds in your new account from when you enter into the investment until the DCI. Step 7. Choose the term for your investment, ie how long you would like your DCI to run for. Step 8. Choose the exchange rate for your currency pair. This will be your Where the currency in which you are investing (your Base ) is the first currency in your currency pair you must select a Rate, equal to or higher than the current exchange rate (the spot rate), which the DCI could be converted at; or Where the currency in which you are investing (your Base ) is the second currency in your currency pair you must select a Rate, equal to or lower than the current exchange rate (the spot rate), which the DCI could be converted at. Step 9. Confirming the Yield. The Rate you select, along with the term, will determine the yield that you earn. Generally the closer your Rate is to the current exchange rate (the spot rate) the higher the yield. Yields offered by the Bank could change from day to day and also during the course of a day. The FX Team will advise you of the applicable yield before you confirm your investment. The date on which you confirm your investment will be the. Once a quote has been provided to you by the FX Team you will need to make your decision whether to proceed with the investment quickly otherwise the quote may need to be refreshed. Confirmation of your DCI, the investment parameters you selected, the yield and the key dates will be sent to you electronically via Personal Internet Banking. Determining the of the Proceeds before the maturity date of your DCI (the ) the Bank will determine whether your proceeds will be paid to you in the Base or Alternate. A comparison of your Rate against the Rate will determine whether you will be paid the proceeds in your Base or the Alternate (converted at the Rate) at the Maturity. Rate is the exchange rate (the spot rate) at 10am New York time on the. If the Base is first in your currency pair and it has strengthened against the Alternate such that the Rate is equal to or greater than the Rate the Bank will ordinarily convert your proceeds to the Alternate at the Rate. If the Base is second in your currency pair and it has strengthened against the Alternate such that the Rate is equal to or less than the Rate, the Bank will ordinarily convert your proceeds to the Alternate at the Rate. In any other case, your proceeds will be paid to you in the Base. The following table explains how this determination is made: Base selected First currency in the Pair Second currency in the Pair Rate Greater than or equal to the Rate Less than the Rate Greater than the Rate Less than or equal to the Rate Proceeds paid in: Alternate Base Base Alternate Hypothetical Examples The four examples in this Product Sheet show which currency your Proceeds will be paid in as exchange rates move. They are not intended to be indicative of the past or future performance of any exchange rate or the Investment or any yield the Bank will offer. The rates used are not indicative of current or expected exchange rates or yields. Investment Parameters for Scenarios 1 and 2 Both Scenarios 1 and 2 use the following Investment Parameters: : ember DCI (2 business after ): ober Pair: /USD Base : Alternate : USD Investment Amount: 100,000 : 31 calendar Yield: 10.37% per annum : Tuesday, ober Maturity : ember. For both Scenarios 1 and 2 the Base is which is first in the Pair. The Rate at the time the DCI was entered into was Calculating the Return for Scenarios 1 and 2 The DCI will pay a return of on the Maturity, as per the following calculation: 100,000 x 10.37% x 31 = * * 365 is used as this is the day count convention used for.
4 4 Scenario 1 Rate is above Rate The diagram shows a situation where the Rate for the /USD is above the Rate on the. Base : Investment Amount: 100, Scenario 2 Rate is below Rate The diagram shows a situation where the Rate for the /USD is below the Rate on the. Base : Investment Amount: 100, DCI Time Maturity Rate (spot rate at 10am New York time on ) is /USD As Rate (1.5782) is above the Rate (1.5701), the Proceeds are converted to U.S. Dollars at the Rate and credited to the nominated Alternate account. Proceeds = 100, = 100, x Rate = USD 158, NOTE: In Scenario 1, the Proceeds have been converted into the Alternate at the Rate (ie ). If the Proceeds are converted back to the Base and the market exchange rate (spot rate) is /USD at the time of re-conversion, the Proceeds converted back to the Base () will be: USD 158, / = 99, A loss of calculated as: 100,000 99, = This example highlights that you may receive less than your Investment Amount if the exchange rate for the Pair remains above the Rate at the time you convert back to. DCI Time Maturity Rate (spot rate at 10am New York time on ) is /USD As Rate (1.5526) is below the Rate (1.5701), the Proceeds are credited to the Base account in Pound Sterling. Proceeds = 100, = 100, Investment Parameters for Scenarios 3 and 4 Scenarios 3 and 4 use the following Investment Parameters: : ember DCI (2 business after ): ober Pair: /USD Base : USD Alternate : Investment Amount: USD 100,000 : 31 calendar Yield: 9.19% per annum : Tuesday, ober Maturity : ember. The spot rate at the time the Investment was entered into was For both Scenarios 3 and 4 the Base is USD which is second in the Pair. Calculating the Return for Scenarios 3 and 4 The DCI will pay a return of USD on the Maturity, as per the following calculation: USD 100,000 x 9.19% x 31 = USD * * 360 is used as this is the day count convention used for USD.
5 5 Scenario 3 Rate is above Rate The diagram shows a situation where the Rate for the /USD is above the Rate on the. Base : USD Investment Amount: USD 100,000 Scenario 4 Rate is below Rate The diagram shows a situation where the Rate for the /USD is below the Rate on the. Base : USD Investment Amount: USD 100, DCI Time Maturity Rate (spot rate at 10am New York time on ) is /USD As Rate (1.6949) is above the Rate (1.6772), the Proceeds are credited to the nominated Base Account in U.S. Dollars. Proceeds = USD 100,000 + USD = USD 100, DCI Time Maturity The Rate (spot rate at 10am New York time on ) is /USD As the Rate (1.6693) is below the Rate (1.6672), the Proceeds are converted to Pound Sterling at the Rate and credited to the nominated Alternate account. Proceeds = USD 100,000 + USD = USD 100, Rate = 60, NOTE: In Scenario 4, the Proceeds have been converted into the Alternate at the Rate (ie ). If the Proceeds are converted back to the Base and the market exchange rate (spot rate) is /USD at the time of re-conversion, the Proceeds converted back to Base (USD) will be: 60, x = USD 99, A loss of USD calculated as: USD 100,000 USD 99, = USD This example highlights the possibility that you may receive less than your Investment Amount if the exchange rate for this Pair remains below the Rate at the time you convert back to USD.
6 6 Costs, Fees and Charges There is no application fee, establishment fee or any ongoing management fee charged to you in respect of your DCI. The cost of putting each DCI in place and the profit HSBC Expat expects to make in offering the DCI are incorporated as a margin into the yield quoted to you, and there are no additional fees or charges payable by you. You will be subject to the ordinary fees and charges in relation to your Base account and your Alternate account. Other general service fees or charges may apply please see the HSBC Tariff of Charges available from Taxation Your tax situation will depend on your personal circumstances and we recommend you obtain independent tax advice. Risks Associated with DCI There are a number of factors and events which could affect the foreign exchange rates and the value of your Investment. These include, but are not limited to, changes in: Economic conditions (eg foreign debt levels) Government and political factors Capital markets Interest rates. A DCI should be considered a risky investment and by investing, you are speculating on the future movement of the exchange rate of your Pair. Although the yield is fixed for the life of the DCI, the Proceeds may be paid in the Alternate. The future outcome of your DCI is directly linked to the performance of the exchange rate for your Pair. At the, if the Base has strengthened against the Alternate so that the Rate is equal to or stronger than the Rate you will be paid the Proceeds in the Alternate. If your proceeds are converted into your Alternate you may make a loss if you convert back to your Base. A conversion of the Proceeds back into the Base will need to be done at the prevailing exchange rate and may reduce the net return or result in a loss on your Investment. The loss may be substantial depending on the size of the movement in the exchange rate for your Pair. By investing in a DCI, you will be subject to the risk that the Base will appreciate against the Alternate beyond your selected Rate. Exchange rates are very difficult, if not impossible, to predict. Economic differences between countries in such areas as national income, money growth, inflation and trade balances have long been considered critical determinants of currency values. There may be a loss incurred as a result of foreign exchange controls imposed by the country which issued the foreign currency. Payment of amounts due to you may be delayed or prevented by the exchange controls or other actions imposed by governmental or regulatory bodies. The DCI is not a protected deposit under the Deposit Protection Scheme in Hong Kong and is not protected by the scheme. The DCI will not benefit from the protection offered by the rules and regulations made under the UK s Financial Services & Markets Act 2000, including the UK Financial Services Compensation Scheme. Other Considerations Before you enter into a DCI, it is important you understand the forces that drive exchange rates. The future outcome of your DCI is directly linked to the performance of the exchange rate for your Pair. There is no definitive evidence that any economic variable can forecast exchange rates for currencies of nations with similar inflation rates. There is limited scope to take advantage of views on future exchange rate movements under this product. You should avoid excessive investment in a single type of investment, in regards to its total proportion of your overall portfolio, in order to guard against over-exposure to any investment risks. You should make sure you have sufficient liquid emergency funds to meet any unforeseen circumstances. HSBC Expat is the Deposit Taker for the Dual Investment and is established at HSBC Expat, HSBC House, Esplanade, St Helier Jersey JE1 1HS, Channel Islands. HSBC Expat is based in Jersey (Channel Islands), HSBC Expat provides offshore banking and wealth management services to people living and working in countries across the world. Issued by HSBC Expat, a trading name of HSBC Bank International Limited, HSBC House, Esplanade, St Helier, Jersey JE1 1HS. HSBC Bank International Limited is regulated by the Jersey Financial Services Commission for Banking, General Insurance Mediation, Investment and Fund Services Businesses. Licensed by the Guernsey Financial Services Commission for Banking, Collective Investment Schemes and Investment Business. Approved for issue by HSBC Bank plc. Registered in England number Registered Office: 8 Canada Square, London E14 5HQ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. HSBC Bank International Limited All Rights Reserved. CP000140/SJ/ /AC27094
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