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HSBC USA to issue 9% reverse convertibles linked to Intel
By Angela McDaniels
Seattle, Oct. 6 - HSBC USA Inc. plans to price an issue of 9% reverse convertible notes due Oct. 31, 2007 linked to Intel, Inc. stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be paid quarterly.
The notes will price on Oct. 26 and settle on Oct. 31.
The payout at maturity will be par unless Intel stock falls below the knock-in price - 90% 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 Intel shares equal to $1,000 divided by the initial share price.
HSBC Securities (USA) Inc. is the agent for the deal.
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