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HSBC plans 15.75% reverse convertibles linked to iShares MSCI Emerging Markets
By Laura Lutz
Des Moines, Dec. 4 - HSBC USA Inc. plans to price 15.75% reverse convertible notes due March 12, 2008 linked to the iShares MSCI Emerging Markets index fund - ETF, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If the shares fall below the protection price - 70% of the initial share price - during the life of the notes and finish below the initial price, the payout will be a number of shares of the fund equal to par divided by the initial price.
Otherwise, the payout will be par.
The notes were expected to price on Dec. 7 and settle on Dec. 12.
HSBC Securities (USA) Inc. will be the agent.
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