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HSBC USA to price 13.6% reverse convertibles linked to Goldman Sachs
By Angela McDaniels
Tacoma, Wash., Jan. 30 - HSBC USA Inc. plans to price reverse convertible notes due Aug. 13, 2008 linked to the common stock of the Goldman Sachs Group, Inc., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 6.8% for an annualized rate of 13.6%. Interest will be payable monthly.
The payout at maturity will be par unless Goldman Sachs stock falls by more than 20% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Goldman Sachs shares equal to $1,000 divided by the initial share price.
The notes will price on Feb. 8 and settle on Feb. 13.
HSBC Securities (USA) Inc. will be the agent.
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