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Bank of America to price two-year step-up notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., June 28 - Bank of America Corp. plans to price 0% market-linked step-up notes due July 2015 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 the step-up value, the payout at maturity will be par of $10 plus the index return. The step-up value is expected to be 112% to 118% of the initial index level.
If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment, which is expected to be 12% to 18%.
If the final index level is less than the initial level, investors will be fully exposed to the decline.
The exact step-up value and step-up payment will be set at pricing.
BofA Merrill Lynch is the agent.
The notes are expected to price in July and settle in August.
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