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HSBC to price 10.8% reverse convertibles linked to Microsoft
New York, Sept. 11 - HSBC USA Inc. plans to price 10.8% reverse convertible notes due March 30, 2009 linked to Microsoft Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Microsoft shares fall below 80% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Microsoft shares equal to $1,000 divided by the initial price.
The notes are expected to price on Sept. 25 and settle on Sept. 30.
HSBC Securities (USA) Inc. is the agent.
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