Published on 1/15/2009 in the Prospect News Structured Products Daily.
New Issue: HSBC prices $4 million 22% reverse convertibles linked to Monsanto
New York, Jan. 15 - HSBC USA Inc. priced $4 million of 22% reverse convertible notes due July 20, 2009 linked to Monsanto Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Monsanto shares fall below the protection price of $45.786, 60% of the initial price of $76.31, during the life of the notes and finish below the initial price in which case the payout will be Monsanto shares equal to $1,000 principal amount divided by the initial price.
HSBC Securities (USA) Inc. is the agent.
Issuer: | HSBC USA Inc.
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Issue: | Reverse convertible notes
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Underlying stock: | Monsanto Co. (Symbol: MON)
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Amount: | $4 million
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Maturity: | July 20, 2009
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Coupon: | 22%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Monsanto shares fall below the protection price of $45.786, 60% of the initial price, and finish below the initial price, in which case Monsanto shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $76.31
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Protection price: | $45.786, 60% of $76.31
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Pricing date: | Jan. 14
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Settlement date: | Jan. 20
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Agent: | HSBC Securities (USA) Inc.
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Fees: | 1.125%
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