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HSBC to issue 20% reverse convertibles linked to Blackstone Group
By Laura Lutz
Des Moines, Aug. 6 - HSBC USA Inc. plans to price an issue of 20% reverse convertible notes due Dec. 3, 2007 linked to the common stock of The Blackstone Group LP, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless Blackstone 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 Blackstone shares equal to $1,000 divided by the initial share price.
The notes were expected to price on Aug. 28 and settle on Aug. 31.
HSBC Securities (USA) Inc. will be the agent.
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