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HSBC to issue 9.6% reverse convertibles linked to Oil Service HOLDRs
By Laura Lutz
Des Moines, March 13 - HSBC USA Inc. plans to price 9.6% reverse convertible notes due Oct. 1, 2008 linked to depositary receipts of the Oil Service HOLDRs trust, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless the HOLDRs fall below the protection price - 75% of the initial price - during the life of the notes and finish below the initial price, in which case the payout will be a number of HOLDRs equal to par divided by the initial 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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