Published on 6/27/2008 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $0.623 million 18% reverse convertibles linked to Consol Energy
New York, June 27 - HSBC USA Inc. priced $0.623 million of 18% reverse convertible notes due Sept. 30, 2008 linked to Consol Energy Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Consol Energy shares fall below the protection price of $75.768, 70% of the initial price of $108.24, during the life of the notes and finish below the initial price in which case the payout will be Consol Energy 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: | Consol Energy Inc. (Symbol: CNX)
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Amount: | $0.623 million
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Maturity: | Sept. 30, 2008
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Coupon: | 18%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Consol Energy shares fall below the protection price of $75.768, 70% of the initial price, and finish below the initial price, in which case Consol Energy shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $108.24
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Protection price: | $75.768, 70% of $108.24
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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: | 2%
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