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HSBC to issue 17.5% reverse convertibles linked to Lehman Brothers
By Jennifer Chiou
New York, Nov. 5 - HSBC USA Inc. plans to price 17.5% annualized reverse convertible notes due Feb. 25, 2008 linked to the common stock of Lehman Brothers Holdings Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
At maturity, investors will receive par unless Lehman Brothers stock falls below the protection 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 Lehman Brothers shares equal to $1,000 divided by the initial share price.
The notes will price on Nov. 20 and settle on Nov. 26.
HSBC Securities (USA) Inc. will be the agent.
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