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HSBC to issue 18.75% reverse convertibles linked to Overstock.com
By Jennifer Chiou
New York, March 6 - HSBC USA Inc. plans to price 18.75% reverse convertible notes due June 28, 2007 linked to the common stock of Overstock.com, Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable at maturity.
At maturity, investors will receive par unless Overstock.com stock falls below the protection price - 80% 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 Overstock.com shares equal to $1,000 divided by the initial share price.
The notes will price on March 23 and settle on March 28.
HSBC Securities (USA) Inc. is the agent.
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