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Bank of America plans market-linked step-up notes on Stoxx Europe 600
By Toni Weeks
San Luis Obispo, Calif., July 24 – Bank of America Corp. plans to price 0% market-linked step-up notes due July 2017 tied to the Stoxx Europe 600 Banks index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above the step-up level – 115% to 121% 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 15% to 21%.
Otherwise, investors will be fully exposed to any losses.
BofA Merrill Lynch is the agent.
The notes will price in July and settle in August.
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