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Merrill plans buffered return enhanced notes linked to Nikkei 225 via JPMorgan
By E. Janene Geiss
Philadelphia, Feb. 23 - Merrill Lynch & Co., Inc. plans to sell 0% buffered return enhanced notes due March 12, 2008 linked to the Nikkei 225 index via agent JPMorgan Securities Inc., according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par plus twice any positive return on the index up to a maximum that will be determined at pricing and will be not less than 20.40%.
If the ending index level declines by no more than 10%, the payout at maturity will be par. Holders will lose 1.1111% for each 1% the index declines beyond 10%.
The final index level will be the average of the index closing levels on the five days from March 3, 2008 through March 7, 2008.
The notes are expected to price March 2 and settle March 7.
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