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HSBC to issue 13% reverse convertibles linked to Arch
By Laura Lutz
Des Moines, May 7 - HSBC USA Inc. plans to price 13% annualized reverse convertible notes due Dec. 1, 2008 linked to the common stock of Arch Coal, Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless Arch stock falls below the protection price - 65% 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 Arch shares equal to par divided by the initial share price.
The notes are expected to price on May 27 and settle on May 30.
HSBC Securities (USA) Inc. will be the agent.
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