Published on 2/27/2008 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $0.287 million 14.3% reverse convertibles linked to Nucor
New York, Feb. 27 - HSBC USA Inc. priced $0.287 million of 14.3% reverse convertible notes due May 30, 2008 linked to Nucor Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Nucor stock falls below the protection price of $50.9325, 75% of the initial price of $67.91, during the life of the notes and finishes below the initial price in which case the payout will be Nucor shares equal to $1,000 principal amount divided by the initial price.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Reverse convertible notes
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Underlying stock: | Nucor Corp. (Symbol: NUE)
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Amount: | $0.287 million
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Maturity: | May 30, 2008
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Coupon: | 14.3%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Nucor stock falls below the protection price of $50.9325, 75% of the initial price, and finishes below the initial price, in which case Nucor shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $67.91
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Protection price: | $50.9325, 75% of $67.91
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Pricing date: | Feb. 26
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Settlement date: | Feb. 29
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1.7%
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