HSBC USA plans issue of reverse convertibles linked to Banco Bradesco

By Jennifer Chiou

New York, Aug. 2 - HSBC USA Inc. plans to price an issue of one-year reverse convertible notes linked to Banco Bradesco SA stock, according to an FWP filing with the Securities and Exchange Commission.

The coupon is talked at 22.8%.

The pricing date and settlement date are expected to be Aug. 25 and Aug. 31, respectively.

If Banco Bradesco stock falls by 20% or more during the life of the notes and the stock finishes below the initial share price, payout will be cash, with a full exposure to the stock's decline, or a number of Banco Bradesco shares equal to $1,000 divided by the initial share price.

Otherwise, payout is par.

HSBC Securities (USA) Inc. is the agent.

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