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Bank of America plans market-linked step-up notes on index basket
By Toni Weeks
San Luis Obispo, Calif., May 8 - Bank of America Corp. plans to price market-linked step-up notes due May 2018 tied to a basket of two indexes, according to an FWP with the Securities and Exchange Commission.
The basket consists of the S&P 500 index with a 75% weight and the Euro Stoxx 50 index with a 25% weight.
If the basket finishes above the step-up value - 114% to 120% of the initial level - the payout at maturity will be par plus the basket return.
If the basket finishes below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 14% to 20%.
Investors will receive par if the basket declines by up to 10% and will be exposed to any losses beyond the 10% buffer.
The exact deal terms will be set at pricing.
BofA Merrill Lynch is the agent.
The notes will price in May and settle in June.
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