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Bank of America plans Currency Mitts on Asian currencies vs. dollar
By Jennifer Chiou
New York, Aug. 27 - Bank of America Corp. plans to price 0% Currency Market Index Target-Term Securities due September 2012 linked to an Asian currency basket relative to the dollar, according to an FWP with the Securities and Exchange Commission.
The basket consists of equal weights of the Philippine peso, the Malaysian ringgit, the Indian rupee and the Indonesian rupiah.
The payout at maturity will be par of $10 plus 1.5 to 1.9 times any basket gain. The exact participation rate will be set at pricing.
Investors will share in losses, with a minimum payout of $9 per note.
The notes will price and settle in September.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the agent.
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