By Laura Lutz
Des Moines, Nov. 28 - HSBC USA Inc. priced $71,000 of 12% reverse convertible notes due May 30, 2008 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If Apple 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, the payout at maturity will be a number of Apple shares equal to par divided by the initial share price.
Otherwise, the payout will be par
HSBC Securities (USA) Inc. is the agent.
| Issuer: | HSBC USA Inc.
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Apple Inc. (Symbol: AAPL)
|
| Amount: | $71,000
|
| Maturity: | May 30, 2008
|
| Coupon: | 12%, paid monthly
|
| Price: | Par
|
| Payout at maturity: | If Apple stock falls below $122.367 during the life of the notes and finishes below its initial price, shares of Apple equal to par divided by the initial price; otherwise, par
|
| Initial price: | $174.81
|
| Barrier price: | $122.367, 70% of $174.81
|
| Pricing date: | Nov. 20
|
| Settlement date: | Nov. 26
|
| Agent: | HSBC Securities (USA) Inc.
|
| Fees: | 2.12%
|
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