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HSBC to price 17.7% reverse convertibles linked to General Motors
By E. Janene Geiss
Philadelphia, May 28 - HSBC USA Inc. plans to price 17.7% annualized reverse convertible notes due Sept. 11, 2008 linked to the common stock of General Motors Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless General Motors stock falls below the barrier price - 60% 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 General Motors shares equal to $1,000 divided by the initial share price.
The notes are expected to price June 6 and settle June 11.
HSBC Securities (USA) Inc. will be the agent.
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