Bank of America plans two-year capped leveraged notes on Russell 2000

By Marisa Wong

Madison, Wis., July 30 - Bank of America Corp. plans to price 0% Capped Leveraged Index Return Notes due August 2012 based on the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus double any index gain, subject to a maximum return of 30% to 34%. The exact cap will be set at pricing.

Investors will receive par if the index falls by up to 10% and will lose 1% for every 1% decline beyond 10%.

The notes will price in August and settle in September.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the agent.

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