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Bank of America plans Accelerated Return Notes tied to defense stocks
By Angela McDaniels
Tacoma, Wash., Aug. 22 – Bank of America Corp. plans to price 0% Accelerated Return Notes due November 2017 linked to a basket of defense stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the stocks of General Dynamics Corp. with a 33.33% weight, Lockheed Martin Corp. with a 33.34% weight and Raytheon Co. with a 33.33% weight.
The payout at maturity will be par of $10 plus 300% of any basket gain, subject to a maximum return that is expected to be 12% to 16% and will be set at pricing. Investors will be exposed to any basket decline.
BofA Merrill Lynch is the agent.
The notes will price and settle in September.
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