HSBC to issue 23% reverse convertibles linked to First Solar

By Laura Lutz

Des Moines, July 5 - HSBC USA Inc. plans to price an issue of 23% reverse convertible notes due Oct. 23, 2007 linked to the common stock of First Solar, Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable at maturity.

At maturity, investors will receive par unless First Solar 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 First Solar shares equal to $1,000 divided by the initial share price.

The notes were expected to price on July 18 and settle on July 23.

HSBC Securities (USA) Inc. will be the agent.

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