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Bank of America plans market-linked step-up notes linked to S&P 500
By Marisa Wong
Morgantown, W.Va., March 29 – Bank of America Corp. plans to price market-linked step-up notes due April 2018 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above the step-up level – 113% to 119% of the initial value – the payout at maturity will be par plus the index return.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 13% to 19%
If the index falls, investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
The notes will price in April and settle in May.
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