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HSBC plans 19.1% notes linked to First BanCorp., Popular, W Holding
By Angela McDaniels
Seattle, Dec. 5 - HSBC USA Inc. plans to price an offering of Down-and-In-Worst-of reverse convertible notes due June 20, 2007 linked to the common stocks of First BanCorp., Popular Inc. and W Holding Co. Inc., according to an FWP filing with the Securities and Exchange Commission.
The notes will price on Dec. 12 and settle on Dec. 15.
The six-month notes will pay 9.55% for an annualized rate of 19.1%. Interest will be payable monthly.
The payout at maturity will be par unless any of the three stocks drops by more that 20% during the life of the notes and the worst-performing stock finishes below its initial share price, in which case the payout will be a number of shares of the worst-performing stock equal to $1,000 divided by its initial share price.
HSBC Securities (USA) Inc. will be the agent for the offering.
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