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Bank of America plans 7%-9% autocallable yield notes on S&P, Russell
By Marisa Wong
Madison, Wis., Feb. 1 - Bank of America Corp. plans to price 7% to 9% autocallable yield notes due Feb. 15, 2013 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if each index closes at or above its initial level on any of four quarterly observation dates.
The payout at maturity will be par unless either index dips below the 75% trigger level during the life of the notes and finishes below the initial level, in which case investors will receive par plus the return of the lower performing index.
Bank of America Merrill Lynch is the underwriter.
The notes (Cusip: 06048WKL3) will settle on Feb. 15.
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