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Bank of America plans market-linked step-up notes on index basket
By Marisa Wong
Madison, Wis., Dec. 20 - Bank of America Corp. plans to price market-linked step-up notes due January 2017 tied to a global equity basket, according to an FWP with the Securities and Exchange Commission.
The basket consists of the S&P 500 index with a 40% weight and the MSCI EAFE index and the Euro Stoxx 50 index each with a 30% weight.
If the basket finishes at or above the step-up value - 118% of the initial level - the payout at maturity will be par plus 125% to 145% of the return.
If the basket finishes below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 18%.
Investors will be fully exposed to losses.
BofA Merrill Lynch is the agent.
The notes will price in January and settle in February.
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