HSBC USA to issue 9.4% reverse convertibles linked to iShares Russell 2000

By Susanna Moon

Chicago, March 10 - HSBC USA Inc. plans to price an issue of 9.4% reverse convertible notes due Oct. 1, 2008 linked to the iShares Russell 2000 index 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 exchange-traded fund falls below the protection price - 80% of the initial fund price - during the life of the notes and finishes below the initial fund price, in which case the payout will be a number of shares equal to $1,000 divided by the initial fund price.

The notes are expected to price on March 26 and settle on March 31.

HSBC Securities (USA) Inc. will be the agent.

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