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HSBC to issue 16.5% reverse convertibles linked to Las Vegas Sands
By Jennifer Chiou
New York, March 27 - HSBC USA Inc. plans to price 16.5% annualized reverse convertible notes due Oct. 9, 2008 linked to the common stock of Las Vegas Sands Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless Las Vegas Sands stock falls below the protection price - 70% 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 Las Vegas Sands shares equal to $1,000 divided by the initial share price.
The notes are expected to price on April 4 and settle on April 9.
HSBC Securities (USA) Inc. will be the agent.
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