HSBC plans to price seven-year Mitts linked to S&P 500 index

By Toni Weeks

San Luis Obispo, Calif., Dec. 23 - HSBC USA Inc. plans to price 0% Market Index Target-Term Securities due January 2021 linked to the S&P 500 index, 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, subject to a minimum payout of par and a maximum payout of 160% to 170% of par. The exact cap will be set at pricing.

The final index level will be the average of the index's closing levels on the five trading days before the maturity date.

The notes are expected to price in January and settle in February.

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