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HSBC plans seven-year protected Mitts linked to the Dow via Merrill
By Susanna Moon
Chicago, Aug. 25 – HSBC USA Inc. plans to price 0% Market Index Target-Term Securities due August 2024 linked to the Dow Jones Industrial Average, according to a 424B2 filed 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 45% to 55%. The exact cap will be set at pricing.
If the index falls, the payout will be par.
The notes will be guaranteed by Bank of America Corp.
BofA Merrill Lynch is the agent.
The notes will price in August.
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