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Bank of America plans accelerated return notes due 2015 on S&P 500
By Toni Weeks
San Diego, Nov. 30 - Bank of America Corp. plans to price 0% Accelerated Return Notes due January 2015 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 triple any index gain, up to a maximum return of 17% to 21% that will be set at pricing.
Investors will be exposed to any losses.
The initial index value will be the lowest closing level of the index on every trading day during the first two months following pricing.
The final index value will be the average of the closing level on the five trading days preceding maturity.
Bank of America Merrill Lynch is the agent.
The notes will price and settle in January.
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