Published on 3/1/2007 in the Prospect News Structured Products Daily.
New Issue: HSBC sells $2 million 13% reverse convertibles linked to First BanCorp
By E. Janene Geiss
Philadelphia, March 1 - HSBC Bank USA NA priced $2 million of six-month 13% reverse convertible notes linked to First BanCorp stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par in cash if First BanCorp stock stays at or above the protection price, 80% of the initial price of $11.94, during the life of the notes and finishes at or above the initial share price. Otherwise, the payout will be in First BanCorp stock, with the number of shares equal to $1,000 divided by the initial share price.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | First BanCorp
|
| Amount: | $2 million
|
| Maturity: | Aug. 28, 2007
|
| Coupon: | 13%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash if First BanCorp stock stays at or above the protection price of $11.94 during the life of the notes and finishes at or above the initial share price; otherwise 83.752 First BanCorp shares
|
| Initial share price: | $11.94
|
| Protection price: | $9.55, 80% of $11.94
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 5
|
| Agent: | HSBC Securities (USA) Inc.
|
| Agent's fee: | 2%
|
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