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HSBC USA to issue 9% reverse convertibles linked to Charles Schwab
By Angela McDaniels
Seattle, Nov. 1 - HSBC USA Inc. plans to price an issue of 9% reverse convertible notes due Nov. 28, 2007 linked to The Charles Schwab Corp. stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be paid monthly.
The notes will price on Nov. 21 and settle on Nov. 27.
The payout at maturity will be par unless Charles Schwab stock falls below the knock-in price - 80% 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 Charles Schwab 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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