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HSBC to issue 17% reverse convertibles linked to Frontier
By Laura Lutz
Washington, Jan. 25 - HSBC USA Inc. plans to price an issue of 17% reverse convertible notes due April 26, 2007 linked to the common stock of Frontier Oil Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable at maturity.
At maturity, investors will receive par unless Frontier 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 Frontier shares equal to $1,000 divided by the initial share price.
The notes will price on Jan. 26 and settle on Feb. 2.
HSBC Securities (USA) Inc. will be the agent.
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