HSBC to issue 12.25% reverse convertibles linked to Western Digital

By Laura Lutz

Des Moines, Jan. 8 - HSBC USA Inc. plans to price an issue of 12.25% reverse convertible notes due Jan. 29, 2008 linked to the common stock of Western Digital Corp., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable quarterly.

At maturity, investors will receive par unless Western Digital stock falls below the protection price - 80% 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 Western Digital shares equal to $1,000 divided by the initial share price.

The notes will price on Jan. 24 and settle on Jan. 29.

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

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