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HSBC to issue 22% reverse convertibles linked to Juniper
By Susanna Moon
Chicago, Sept. 25 - HSBC USA Inc. plans to price an issue of 22% reverse convertible notes due March 27, 2008 linked to the common stock of Juniper Networks, Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless the stock falls below the barrier 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 Juniper shares equal to $1,000 divided by the initial share price.
The notes were expected to price on Sept. 28 and settle on Oct. 5.
HSBC Securities (USA) Inc. will be the agent.
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