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HSBC to issue reverse convertibles linked to six stocks
By Jennifer Chiou
New York, March 5 - HSBC USA Inc. plans to price reverse convertible notes due Sept. 10, 2007 linked to a basket of six common stocks, according to an FWP filing with the Securities and Exchange Commission.
The basket includes equal weights of Omnivision Technologies, Inc., Continental Airlines, Inc., Rambus Inc., Frontier Oil Corp., NYSE Group, Inc. and Elan Corp., plc.
Interest will be payable monthly.
At maturity, investors will receive par unless any basket 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 the shares equal to $1,000 divided by the initial share price.
The notes price on March 8 and settle on March 8.
HSBC Securities (USA) Inc. is the agent.
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