New Issue: HSBC prices $0.1 million 16% reverse convertibles linked to Vmware

New York, Aug. 28 - HSBC USA Inc. priced $0.1 million of 16% reverse convertible notes due March 2, 2009 linked to Vmware, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Vmware shares fall below the protection price of $22.188, 60% of the initial price of $36.98, during the life of the notes and finish below the initial price in which case the payout will be Vmware shares equal to $1,000 principal amount divided by the initial price.

HSBC Securities (USA) Inc. is the agent.

Issuer:	HSBC USA Inc.
Issue:	Reverse convertible notes
Underlying stock:	Vmware, Inc. (Symbol: VMW)
Amount:	$0.1 million
Maturity:	March 2, 2009
Coupon:	16%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Vmware shares fall below the protection price of $22.188, 60% of the initial price, and finish below the initial price, in which case Vmware shares equal to $1,000 principal amount divided by the initial price
Initial price:	$36.98
Protection price:	$22.188, 60% of $36.98
Pricing date:	Aug. 26
Settlement date:	Aug. 29
Agent:	HSBC Securities (USA) Inc.
Fees:	2.75%

© 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.