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Bank of America plans two-year market-linked step-up notes on S&P 500
By Susanna Moon
Chicago, Aug. 15 – Bank of America Corp. plans to price market-linked step-up notes due August 2018 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If index finishes above the step-up value, 110% to 116% of the initial level, the payout at maturity will be par plus the index 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 10% to 16%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
The notes will price in August and settle in September.
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