HSBC to issue 15% reverse convertibles linked to SanDisk

By Susanna Moon

Chicago, March 7 - HSBC USA Inc. plans to price 15% annualized reverse convertible notes due Oct. 1, 2008 linked to the common stock of SanDisk Corp., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

At maturity, investors will receive par unless SanDisk stock falls below the protection price - 60% 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 SanDisk shares equal to $1,000 divided by the initial share price.

The notes are expected to price on March 26 and settle on March 31.

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

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