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HSBC to issue 21.5% reverse convertibles linked to Blue Nile
By Susanna Moon
Chicago, Sept. 10 - HSBC USA Inc. plans to price an issue of 21.5% reverse convertible notes due Dec. 31, 2007 linked to the common stock of Blue Nile, Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless Blue Nile stock falls below the barrier price - 70% 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 Blue Nile shares equal to $1,000 divided by the initial share price.
The notes are expected to price on Sept. 25 and settle on Sept. 28.
HSBC Securities (USA) Inc. is the agent.
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