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Bank of America plans five-year Mitts linked to gold spot price
By Susanna Moon
Chicago, Dec. 23 - Bank of America Corp. plans to price 0% Market Index Target-Term Securities due February 2016 based on the spot price of gold, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus any gain in the price of gold, up to a maximum return of $14.50 to $15.50 per note. The exact cap will be set at pricing.
If the price of gold falls, the payout will be par.
The notes are expected to price in January and settle in February.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
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