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HSBC USA to price 13% reverse convertibles linked to Financial Select Sector SPDR fund
By Angela McDaniels
Tacoma, Wash., April 7 - HSBC USA Inc. plans to price reverse convertible notes due Oct. 30, 2008 linked to the Financial Select Sector SPDR fund, according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 6.5% for an annualized coupon of 13%. Interest will be payable monthly.
The payout at maturity will be par unless shares of the exchange-traded fund fall by more than 20% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of fund shares equal to $1,000 divided by the initial share price.
The notes are expected to price on April 25 and settle on April 30.
HSBC Securities (USA) Inc. will be the agent.
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