By Jennifer Chiou
New York, May 25 - HSBC USA Inc. priced $0.1 million of 8% reverse convertible notes due May 30, 2008 linked to the common stock of ConocoPhillips, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
At maturity, investors will receive par unless ConocoPhillips stock falls below the protection price - 85% 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 ConocoPhillips shares equal to $1,000 divided by the initial share price.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Reverse convertible notes
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Underlying stock: | ConocoPhillips
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Amount: | $0.1 million
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Maturity: | May 30, 2008
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Coupon: | 8%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless ConocoPhillips stock falls below $63.91 during the life of the notes and finishes below its initial share price, in which case shares of ConocoPhillips equal to $1,000 divided by the initial share price
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Initial share price: | $75.19
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Protection price: | $63.91, 85% of $75.19
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Pricing date: | May 24
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Settlement date: | May 30
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 3%
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