Bank of America plans two-year 0% Mitts linked to BRIC currencies

By Susanna Moon

Chicago, July 30 - Bank of America Corp. plans to price 0% Currency Market Index Target-Term Securities due August 2012 based on the performance of a basket of equally weighted emerging-market currencies relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.

The underlying currencies are the Brazilian real, the Russian ruble, the Indian rupee and the Chinese renminbi.

The payout at maturity will be par of $10.00 plus 2.5 times any basket gain, up to a maximum payout of $11.80 to $12.40 per note. The exact cap will be set at pricing.

Investors will share in losses, with a minimum payout of $9.00 per note.

The notes will price in August and settle in September.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the agent.

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