HSBC to issue reverse convertibles linked to six stocks

By Jennifer Chiou

New York, March 5 - HSBC USA Inc. plans to price reverse convertible notes due Sept. 10, 2007 linked to a basket of six common stocks, according to an FWP filing with the Securities and Exchange Commission.

The basket includes equal weights of Omnivision Technologies, Inc., Continental Airlines, Inc., Rambus Inc., Frontier Oil Corp., NYSE Group, Inc. and Elan Corp., plc.

Interest will be payable monthly.

At maturity, investors will receive par unless any basket stock falls below the protection price - 70% 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 the shares equal to $1,000 divided by the initial share price.

The notes price on March 8 and settle on March 8.

HSBC Securities (USA) Inc. is the agent.

© 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.