Published on 4/28/2008 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $0.282 million 24% reverse convertibles linked to D.R. Horton
New York, April 28 - HSBC USA Inc. priced $0.282 million of 24% reverse convertible notes due July 30, 2008 linked to D.R. Horton, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless D.R. Horton stock falls below the protection price of $11.0695, 65% of the initial price of $17.03, during the life of the notes and finishes below the initial price in which case the payout will be D.R. Horton shares equal to $1,000 principal amount divided by the initial price.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Reverse convertible notes
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Underlying stock: | D.R. Horton, Inc. (Symbol: DHI)
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Amount: | $0.282 million
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Maturity: | July 30, 2008
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Coupon: | 24%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless D.R. Horton stock falls below the protection price of $11.0695, 65% of the initial price, and finishes below the initial price, in which case D.R. Horton shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $17.03
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Protection price: | $11.0695, 65% of $17.03
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Pricing date: | April 25
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Settlement date: | April 30
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 2%
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