Published on 8/28/2008 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $0.546 million 12% reverse convertibles linked to Goldman Sachs
New York, Aug. 28 - HSBC USA Inc. priced $0.546 million of 12% reverse convertible notes due Dec. 1, 2008 linked to Goldman Sachs Group shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Goldman Sachs shares fall below the protection price of $116.9325, 75% of the initial price of $155.91, during the life of the notes and finish below the initial price in which case the payout will be Goldman Sachs shares equal to $1,000 principal amount divided by the initial price.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Reverse convertible notes
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Underlying stock: | Goldman Sachs Group (Symbol: GS)
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Amount: | $0.546 million
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Maturity: | Dec. 1, 2008
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Goldman Sachs shares fall below the protection price of $116.9325, 75% of the initial price, and finish below the initial price, in which case Goldman Sachs shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $155.91
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Protection price: | $116.9325, 75% of $155.91
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Pricing date: | Aug. 26
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Settlement date: | Aug. 29
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 2%
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