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Bank of America plans Accelerated Return Notes on Brent crude oil
By Toni Weeks
San Diego, May 24 - Bank of America Corp. plans to price 0% Accelerated Return Notes due November 2012 linked to the front-month Brent crude oil futures contract, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10.00 plus double any gain in the index, capped at 36% to 40%. The exact cap will be set at pricing.
Investors will be fully exposed to losses.
The notes are expected to price in May and settle in June.
Bank of America Merrill Lynch is the underwriter.
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