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

By Susanna Moon

Chicago, Aug. 26 – HSBC USA Inc. plans to price 0% Market Index Target-Term Securities due September 2023 linked to the Dow Jones industrial average, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus any index gain, up to a maximum return of 30% to 40%. The exact cap will be set at pricing.

If the index falls, the payout will be par.

BofA Merrill Lynch is the underwriter.

The notes will price in September and settle in October.

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