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HSBC USA to price 16.1% reverse convertibles linked to Icici Bank
By Angela McDaniels
Tacoma, Wash., Dec. 19 - HSBC USA Inc. plans to price reverse convertible notes due March 27, 2008 linked to the American Depository Shares of Icici Bank Ltd., according to an FWP filing with the Securities and Exchange Commission.
The three-month notes will pay 4.025% for an annualized rate of 16.1%. Interest will be payable monthly.
The payout at maturity will be par unless Icici Bank ADSs fall by more than 25% during the life of the notes and finish below the initial ADS price, in which case the payout will be a number of Icici Bank ADSs equal to $1,000 divided by the initial ADS price.
The notes are expected to price on Dec. 21 and settle on Dec. 27.
HSBC Securities (USA) Inc. will be the agent.
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