HSBC to price 16.1% knock-in reverse convertibles linked to Bucyrus

By Susanna Moon

Chicago, June 9 - HSBC USA Inc. plans to price 16.1% annualized knock-in reverse convertible securities due Dec. 30, 2008 linked to Bucyrus International, Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Bucyrus stock falls below its knock-in price - 70% of its initial price - during the life of the notes and finishes below its initial price, in which case the payout will be a number of Bucyrus shares equal to par divided by the initial stock price.

The securities are expected to price on June 25 and settle on June 30.

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

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