HSBC to price 9.15% reverse convertibles linked to Chevron

By E. Janene Geiss

Philadelphia, June 11 - HSBC USA Inc. plans to price 9.15% reverse convertible notes due June 30, 2009 linked to the common stock of Chevron Corp., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

At maturity, investors will receive par unless Chevron stock falls below the barrier price - 70% 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 Chevron shares equal to $1,000 divided by the initial share price.

The notes are expected to price June 25 and settle June 30.

HSBC Securities (USA) Inc. will be the agent.

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