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HSBC plans to price seven-year Mitts on Dow Jones industrial average
By Tali Rackner
Norfolk, Va., Dec. 24 – HSBC USA Inc. plans to price 0% Market Index Target-Term Securities due January 2023 linked to the Dow Jones industrial average, according to an FWP filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par of $10 plus the index return, subject to a maximum of 40% to 50%. The exact cap will be set at pricing.
If the index is flat or negative, the payout will be par.
BofA Merrill Lynch is the underwriter.
The notes will price in January and settle in February.
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