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HSBC to issue 8.5% reverse convertibles linked to CSX
By Jennifer Chiou
New York, Feb. 7 - HSBC USA Inc. plans to price an issue of 8.5% reverse convertible notes due Feb. 28, 2008 linked to the common stock of CSX Corp., according to a term sheet.
Interest will be payable at maturity.
At maturity, investors will receive par unless CSX stock falls below the protection 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 CSX shares equal to $1,000 divided by the initial share price.
The notes will price on Feb. 23 and settle on Feb. 28.
HSBC Securities (USA) Inc. is the agent. JVB Financial Group is the distributor.
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