Merrill Lynch to price Accelerated Return Bear Market Notes linked to PHLX Housing Sector

By Angela McDaniels

Seattle, Aug. 17 - Merrill Lynch & Co., Inc. plans to price an issue of 0% Accelerated Return Bear Market Notes linked to the PHLX Housing Sector index, according to a 424B3 filing with the Securities and Exchange Commission.

The notes are expected to settle in September and will mature in June 2007.

At maturity, the notes will pay triple the absolute value of any decrease on the index, capped at a maximum total payment of between $12.90 and $13.50 per $10.00 note, with the exact level to be set at pricing. Investors will lose 1% for each 1% gain on the index, with a maximum loss of $5.00 per $10.00 note.

Merrill Lynch, Pierce Fenner & Smith Inc. will be the underwriter.

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