HSBC withdraws issue of 23% reverse convertibles linked to E*Trade

By Laura Lutz

Des Moines, Nov. 5 - HSBC USA Inc. canceled its planned issue of three-month 23% reverse convertible notes linked to the common stock of E*Trade Financial Corp., according to an FWP filing with the Securities and Exchange Commission.

According to the filing, "The withdrawal is due to publicly disclosed information relating to, and unusual trading activities in the common stock of, E*Trade Financial Corp."

The offering was originally proposed in an FWP filing on Nov. 5.

HSBC Securities (USA) Inc. was expected to be the agent.

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