Bank of America plans two-year market-linked step-up notes on S&P 500

By Wendy Van Sickle

Columbus, Ohio, July 8 – Bank of America Corp. plans to price 0% market-linked step up notes due July 2018 linked 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 value, 112% to 118% of the initial level, the payout at maturity will be par plus the gain.

If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up payment of 12% to 18%.

Investors will be exposed to any losses.

The exact deal terms, including step level and step return, will be set at pricing.

BofA Merrill Lynch is the agent.

The notes will price in July and settle in August.

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