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Bank of America to price market-linked step up notes tied to S&P 500
By Angela McDaniels
Tacoma, Wash., Aug. 25 - Bank of America Corp. plans to price two-year 0% market-linked step up notes linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index finishes at or above the initial level, the payout at maturity will be par of $10 plus the greater of the step up payment and the index return. The step up payment is expected to be 17% to 23% and will be set at pricing.
Investors will be exposed to any index decline.
The notes are expected to price in September or October.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
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