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HSBC to price 11% reverse convertibles linked to Valero
By Susanna Moon
Chicago, June 13 - HSBC USA Inc. plans to price 11% annualized reverse convertible notes due Sept. 30, 2008 linked to the common stock of Valero Energy Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless Valero stock falls below the barrier price - 75% 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 Valero shares equal to $1,000 divided by the initial share price.
The notes are expected to price on June 25 and settle June 30.
HSBC Securities (USA) Inc. will be the agent.
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