Published on 6/27/2008 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $1.027 million 9.15% reverse convertibles linked to Chevron
New York, June 27 - HSBC USA Inc. priced $1.027 million of 9.15% reverse convertible notes due June 30, 2009 linked to Chevron Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Chevron shares fall below the protection price of $79.488, 80% of the initial price of $99.36, during the life of the notes and finish below the initial price in which case the payout will be Chevron 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: | Chevron Corp. (Symbol: CVX)
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Amount: | $1.027 million
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Maturity: | June 30, 2009
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Coupon: | 9.15%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Chevron shares fall below the protection price of $79.488, 80% of the initial price, and finish below the initial price, in which case Chevron shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $99.36
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Protection price: | $79.488, 80% of $99.36
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Pricing date: | June 25
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Settlement date: | June 30
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 3.57%
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