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HSBC to issue 16% reverse convertibles linked to XM Satellite Radio
By Jennifer Chiou
New York, July 11 - HSBC USA Inc. plans to price 16% annualized reverse convertible notes due Jan. 29, 2008 linked to the common stock of XM Satellite Radio Holdings 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 XM Satellite Radio 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 XM Satellite Radio shares equal to $1,000 divided by the initial share price.
The notes will price on July 24 and settle on July 27.
HSBC Securities (USA) Inc. is the agent.
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