Bank of America plans to price Mitts linked to gold spot price

By Angela McDaniels

Tacoma, Wash., Aug. 26 - Bank of America Corp. plans to price 0% five-year Market Index Target-Term Securities linked to the spot price of gold, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus any increase in the price of gold, subject to a maximum return of 45% to 55% that will be set at pricing. If the price of gold decreases, investors will receive par.

The notes are expected to price in September or October.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.

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