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Bank of America plans five-year 0% Mitts linked to basket of indexes
By Susanna Moon
Chicago, Aug. 9 - Bank of America Corp. plans to price 0% Market Index Target-Term Securities due August 2015 based on a basket of four equally weighted indexes, according to an FWP filing with the Securities and Exchange Commission.
The underlying indexes are S&P 500 index, the MSCI EAFE index, the MSCI Emerging Markets index and the S&P BRIC 40 index.
The payout at maturity will be par of $10 plus any index gain, up to a maximum payment of $17.50 to $18.00 per note. The exact cap will be set at pricing.
Investors will be exposed to losses, with a minimum redemption of $9.00 per unit.
The notes are expected to price and settle in August.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the agent.
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