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Bank of America to price market-linked step-up notes tied to S&P 500
By Marisa Wong
Madison, Wis., March 24 - Bank of America Corp. plans to price four-year 0% market-linked step-up notes tied to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index finishes at or above the initial level, the payout at maturity will be par of $10 plus the greater of the step-up payment and the index return. The step-up payment is expected to be 24% to 30% and will be set at pricing.
If the index falls by up to 15%, the payout will be par. Investors will be exposed to any index decline beyond 15%.
The notes will price in April and settle in May.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
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