By Laura Lutz
Des Moines, Sept. 27 - HSBC USA Inc. priced $2.06 million of 21% reverse convertible notes due March 28, 2008 linked to the common stock of Countrywide Financial Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless Countrywide stock falls below the protection price - 50% 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 Countrywide shares equal to $1,000 divided by the initial share price.
HSBC Securities (USA) Inc. will be the agent.
Issuer: | HSBC USA Inc.
|
Issue: | Reverse convertible notes
|
Underlying stock: | Countrywide Financial Corp. (Symbol: CFC)
|
Amount: | $2.06 million
|
Maturity: | March 28, 2008
|
Coupon: | 21%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash unless Countrywide stock falls below $9.085 during the life of the notes and finishes below its initial price, in which case shares of Countrywide equal to $1,000 divided by the initial price
|
Initial share price: | $18.17
|
Barrier price: | $9.085, 50% of $18.170
|
Pricing date: | Sept. 25
|
Settlement date: | Sept. 28
|
Agent: | HSBC Securities (USA) Inc.
|
Fees: | 2.25%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.