By Laura Lutz
Des Moines, Jan. 28 - HSBC USA Inc. priced $1 million of 10% reverse convertible notes due July 30, 2008 linked to the common stock of Transocean Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Transocean stock falls below the protection price - 65% of the initial share price - during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of Transocean shares equal to par divided by the initial price.
Otherwise, the payout will be par.
HSBC Securities (USA) Inc. will be the agent.
| Issuer: | HSBC USA Inc.
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Transocean Inc. (Symbol: RIG)
|
| Amount: | $1 million
|
| Maturity: | July 30, 2008
|
| Coupon: | 10%, paid monthly
|
| Price: | Par
|
| Payout at maturity: | If Transocean stock falls below $82.6215 during the life of the notes and finishes below its initial price, shares of Transocean equal to par divided by the initial price; otherwise, par
|
| Initial price: | $127.11
|
| Barrier price: | $82.6215, 65% of $127.11
|
| Pricing date: | Jan. 25
|
| Settlement date: | Jan. 30
|
| Agent: | HSBC Securities (USA) Inc.
|
| Fees: | 1.6%
|
© 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.
