By Laura Lutz
Des Moines, Feb. 12 - HSBC USA Inc. priced $354,000 of 15% reverse convertible notes due May 13, 2008 linked to the common stock of Research In Motion Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Research In Motion stock falls below the protection price - 60% of the initial share price - during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of Research In Motion shares equal to par divided by the initial price.
Otherwise, the payout will be par.
HSBC Securities (USA) Inc. is the agent.
| Issuer: | HSBC USA Inc.
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Research In Motion Ltd. (Symbol: RIMM)
|
| Amount: | $354,000
|
| Maturity: | May 13, 2008
|
| Coupon: | 15%, paid monthly
|
| Price: | Par
|
| Payout at maturity: | If Research In Motion stock falls below $53.898 during the life of the notes and finishes below its initial price, shares of Research In Motion equal to par divided by the initial price; otherwise, par
|
| Initial price: | $89.83
|
| Barrier price: | $53.898, 60% of $89.83
|
| Pricing date: | Feb. 8
|
| Settlement date: | Feb. 13
|
| Agent: | HSBC Securities (USA) Inc.
|
| Fees: | 2%
|
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