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Bank of America to price market-linked step-up notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Oct. 6 - Bank of America Corp. plans to price 0% market-linked step-up notes due October 2013 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the final index level is greater than or equal to the initial index level, the payout at maturity will be par of $10 plus the greater of the index return and the step-up payment, which is expected to be 21% to 27% and will be set at pricing.
Investors will receive par if the index declines by 10% or less and will lose 1% for every 1% that the index declines beyond 10%.
The notes are expected to price in October and settle in November.
Bank of America Merrill Lynch is the underwriter.
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