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HSBC USA plans issue of reverse convertibles linked to Popular
By Jennifer Chiou
New York, Aug. 10 - HSBC USA Inc. plans to price an issue of one-year reverse convertible notes linked to Popular, Inc. stock, according to an FWP filing with the Securities and Exchange Commission.
The coupon is talked at 9.5%.
The pricing date and settlement date are expected to be Aug. 10 and Aug. 17, respectively.
If Popular stock falls to a to-be-determined barrier price during the life of the notes and the stock finishes below the initial share price, payout will be cash, with a full exposure to the stock's decline, or a number of Popular shares equal to $1,000 divided by the initial share price.
Otherwise, payout is par.
HSBC Securities (USA) Inc. is the agent.
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