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HSBC to issue 9.8% reverse convertibles linked to Target
By Jennifer Chiou
New York, Nov. 5 - HSBC USA Inc. plans to price 9.8% annualized reverse convertible notes due May 23, 2008 linked to the common stock of Target Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless Target stock falls below the protection price - 75% 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 Target shares equal to $1,000 divided by the initial share price.
The notes will price on Nov. 20 and settle on Nov. 26.
HSBC Securities (USA) Inc. will be the agent.
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