By Laura Lutz
Des Moines, Dec. 21 - HSBC USA Inc. priced $1.2 million of 10.25% reverse convertible notes due June 26, 2008 linked to S&P Depositary Receipts (SPDRs), according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If the SPDRs fall below the protection price - 80% of the initial share price - during the life of the notes and finish below the initial price, the payout at maturity will be a number of SPDRs equal to par divided by the initial price.
Otherwise, the payout will be par
HSBC Securities (USA) Inc. will be the agent.
| Issuer: | HSBC USA Inc.
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | S&P Depositary Receipts (SPDRs)
|
| Amount: | $1.2 million
|
| Maturity: | June 26, 2008
|
| Coupon: | 10.25%, paid monthly
|
| Price: | Par
|
| Payout at maturity: | If SPDRs fall below $117.44 during the life of the notes and finish below initial price, SPDrs equal to par divided by the initial price; otherwise, par
|
| Initial price: | $146.80
|
| Barrier price: | $117.44, 80% of $146.80
|
| Pricing date: | Dec. 20
|
| Settlement date: | Dec. 26
|
| Agent: | HSBC Securities (USA) Inc.
|
| Fees: | 1%
|
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