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HSBC USA to issue 10.6% worst of reverse convertibles linked to three ETFs
By Susanna Moon
Chicago, April 11 - HSBC USA Inc. plans to price 10.6% annualized worst of reverse convertible notes due July 17, 2008 linked to a basket of exchange-traded funds, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The basket consists of Standard & Poor's Depositary Receipts, iShares S&P Latin America 40 index fund and iShares MSCI Emerging Markets index fund.
The payout will be determined according to the performance of all reference assets during the life of the notes. At maturity, investors will receive par unless any share falls below its protection price - 75% of its initial share price - during the life of the notes and the worst-performing stock finishes below its initial share price, in which case the payout will be a number of the worst-performing stock equal to $1,000 divided by its initial price.
The notes are expected to price on April 14 and settle on April 17.
HSBC Securities (USA) Inc. will be the agent.
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