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HSBC to issue 10.25% reverse convertibles linked to ConocoPhillips
By Laura Lutz
Des Moines, Feb. 8 - HSBC USA Inc. plans to price 10.25% reverse convertible notes due Aug. 29, 2008 linked to the common stock of ConocoPhillips, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless ConocoPhillips stock falls below the barrier 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 ConocoPhillips shares equal to par divided by the initial share price.
The notes were expected to price on Feb. 26 and settle on Feb. 29.
HSBC Securities (USA) Inc. will be the agent.
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