HSBC to issue 10.5% reverse convertibles linked to Deere

By Susanna Moon

Chicago, Oct. 2 - HSBC USA Inc. plans to price 10.5% reverse convertible notes due April 23, 2008 linked to the common stock of Deere & Co., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable at maturity.

At maturity, investors will receive par unless the stock falls below the protection price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Deere shares equal to $1,000 divided by the initial share price.

The notes will price on Oct. 18 and settle on Oct. 23.

HSBC Securities (USA) Inc. is the agent.

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