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HSBC to issue 11% reverse convertibles linked to Financial Select Sector SPDR
By Laura Lutz
Des Moines, Feb. 5 - HSBC USA Inc. plans to price 11% reverse convertible notes due Aug. 26, 2008 linked to shares of the Financial Select Sector SPDR exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless the shares fall below the protection price - 80% of the initial share price - during the life of the notes and finish below the initial share price, in which case the payout will be a number of shares equal to par divided by the initial share price.
The notes were expected to price on Feb. 19 and settle on Feb. 26.
HSBC Securities (USA) Inc. will be the agent.
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