HSBC plans 11.5% reverse convertibles linked to Schlumberger

By Jennifer Chiou

New York, July 9 - HSBC USA Inc. plans to price 11.5% reverse convertible notes due July 30, 2009 linked to Schlumberger NV shares, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

Payout at maturity will be par in cash unless Schlumberger shares fall below the protection price of 70% of the initial level during the life of the notes and finish below the initial price, in which case the payout will be Schlumberger shares equal to $1,000 principal amount divided by the initial price.

The notes will price on July 28 and settle on July 31.

HSBC Securities (USA) Inc. is the agent.

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