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Bank of America plans to price step-up notes linked three indexes
By Angela McDaniels
Tacoma, Wash., Nov. 24 - Bank of America Corp. plans to price two-year 0% market-linked step-up notes linked to a basket of indexes, according to an FWP filing with the Securities and Exchange Commission.
The basket includes the S&P 500 index with a 45% weight, the MSCI EAFE index with a 27.5% weight and the MSCI Emerging Markets index with a 27.5% weight.
If the final basket level is greater than or equal to the initial basket level, the payout at maturity will be par of $10 plus the greater of the basket return and the step-up payment. Investors will be exposed to any basket decline.
The step-up payment is expected to be 13% to 19% and will be set at pricing.
The notes will price in December or January.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
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