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Bank of America plans callable market-linked step-up notes on S&P 500
By Marisa Wong
Madison, Wis., Sept. 27 - Bank of America Corp. plans to price 0% market-linked step-up notes due October 2015 linked to the S&P 500 index, according to an FWP 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 plus the greater of the step-up payment and the index return. The step-up payment is expected to be 9% to 15% and will be set at pricing. Investors will be fully exposed to any losses.
The notes will price and settle in October.
BofA Merrill Lynch is the underwriter.
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