HSBC plans two-year market-linked step-up notes linked to DAX index

By Tali Rackner

Norfolk, Va., Aug. 21 – HSBC USA Inc. plans to price market-linked step-up notes due August 2017 linked to the DAX index, according to an FWP with the Securities and Exchange Commission.

If the index finishes at or above the step-up value – 110% to 116% of the initial level – the payout at maturity will be par of $10 plus the index gain.

If the index is unchanged or gains by up to the step-up level, the payout will be par plus the step-up payment of 10% to 16%.

Investors will be exposed to any losses.

Merrill Lynch & Co. is the agent.

The notes will price in August and settle in September.

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