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HSBC to issue 14.5% reverse convertibles linked to U.S. Steel
By Laura Lutz
Des Moines, Aug. 6 - HSBC USA Inc. plans to price an issue of 14.5% reverse convertible notes due March 4, 2007 linked to the common stock of United States Steel Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless U.S. Steel stock falls below the protection price - 75% 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 U.S. Steel 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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