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Bank of America plans market-linked step-up notes on index basket
By Susanna Moon
Chicago, Jan. 7 - Bank of America Corp. plans to price market-linked step-up notes due January 2016 tied to a basket of two indexes, according to an FWP with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with a 70% weight and the MSCI Emerging Markets index with a 30% weight.
If the basket finishes at or above the step-up value - 112% to 118% of the initial level - the payout at maturity will be par plus the basket 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 12% to 18%.
Investors will be fully exposed to losses.
The exact deal terms will be set at pricing.
BofA Merrill Lynch is the agent.
The notes will price and settle in January.
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