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HSBC to issue 13.5% reverse convertibles linked to Freeport-McMoRan
By Laura Lutz
Des Moines, Oct. 5 - HSBC USA Inc. plans to price an issue of 13.5% reverse convertible notes due April 30, 2008 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless Freeport-McMoRan stock falls below the protection price - 70% 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 Freeport-McMoRan shares equal to $1,000 divided by the initial share price.
The notes were expected to price on Oct. 26 and settle on Oct. 31.
HSBC Securities (USA) Inc. will be the agent.
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