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Bank of America plans market-linked step-up notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Dec. 6 - Bank of America Corp. plans to price 0% market-linked step-up notes due January 2013 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus the index return if the final index level is greater than the step-up value, which will be 111% to 117% of the initial index level.
The payout will be par plus the step-up payment of 11% to 17% if the final index level is greater than or equal to the initial level but less than the step-up value.
Investors will be fully exposed to the decline if the final index level is less than the initial index level.
The exact step-up value and step-up payment will be set at pricing.
The notes are expected to price in December and settle in January.
Bank of America Merrill Lynch is the agent.
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