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Merrill Lynch to price leveraged buffered return notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., July 30 - Merrill Lynch & Co., Inc. plans to price 0% 16-month leveraged buffered return notes linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par plus double any index gain, subject to a maximum return of 17% to 19%. The exact cap will be set at pricing.
Investors will receive par if the index declines by 10% or less and will lose 1% for every 1% decline beyond 10%.
The notes will price in July or August, and the maturity date will fall in November or December of 2009.
Merrill Lynch & Co. and First Republic Securities Co., LLC will be the underwriters.
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