New Issue: HSBC USA prices $1 million 9.5% reverse convertibles linked to Popular

By Angela McDaniels

Seattle, Aug. 14 - HSBC USA Inc. priced a $1 million issue of 9.5% reverse convertible notes due Aug. 17, 2007 linked to Popular, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Popular stock is at or above its initial price, $18.59, on the valuation day, Aug. 10, 2007. Otherwise, investors will receive a number of Popular shares equal to $1,000 divided by the initial price.

Issuer:	HSBC USA Inc.
Issue:	Reverse convertible notes
Underlying stock:	Popular, Inc.
Amount:	$1 million
Maturity:	Aug. 17, 2007
Price:	Par
Coupon:	9.5%
Payout at maturity:	Par in cash unless Popular stock finishes below the initial price; in which case, 53.792361 shares of Popular stock
Initial price:	$18.59
Pricing date:	Aug. 10
Settlement date:	Aug. 17
Agent:	HSBC Securities (USA) Inc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.