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HSBC USA to issue 14% reverse convertibles linked to Qualcomm
By Angela McDaniels
Seattle, Nov. 1 - HSBC USA Inc. plans to price an issue of reverse convertible notes due May 24, 2007 linked to Qualcomm, Inc. stock, according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 7% for an annualized rate of 14%. 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 Qualcomm 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 Qualcomm 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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