HSBC plans seven-year protected Mitts linked to the Dow via Merrill

By Marisa Wong

Madison, Wis., April 29 - HSBC USA Inc. plans to price 0% Market Index Target-Term Securities due May 2021 linked to the Dow Jones industrial average, according to an FWP filing with the Securities and Exchange Commission.

BofA Merrill Lynch is the underwriter.

The payout at maturity will be par of $10 plus the index return, up to a maximum return of 60% to 70%. The exact cap will be set at pricing.

If the index falls, the payout will be par.

The notes will price in May and settle in June.

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