Bank of America plans one-year callable Stars on iShares MSCI EAFE, EM

By Susanna Moon

Chicago, July 30 - Bank of America Corp. plans to price 0% Strategic Accelerated Redemption Securities due August 2013 linked to a basket of two equally weighted index funds, according to an FWP filing with the Securities and Exchange Commission.

The underlying funds are the iShares MSCI EAFE index fund and the iShares MSCI Emerging Markets index fund.

The notes will be called at an annualized premium of 12% to 16% if the basket closes at or above the initial level on any of three call dates in February 2013, May 2013 or August 2013.

If the notes are not called, the payout at maturity will be par unless the index falls by more than 5%, in which case investors will be exposed to any losses beyond 5%.

Bank of America Merrill Lynch is the underwriter.

The notes will price and settle in August.

The exact deal terms will be set at pricing.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.