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Bank of America plans to price Mitts linked to four Asian currencies
By Marisa Wong
Madison, Wis., Aug. 30 - Bank of America Corp. plans to price 0% Currency Market Index Target-Term Securities due September 2014 linked to a basket of Asian currencies, according to an FWP filing with the Securities and Exchange Commission.
The basket represents a long position in the Indian rupee, Indonesian rupiah, Malaysian ringgit and Philippine peso relative to the dollar.
The payout at maturity will be par of $10 plus 145% to 165% of any basket gain. If the basket value decreases, the payout will be par plus the basket return, subject to a minimum payout of $9.00 per note.
The notes are expected to price in September and settle in October.
Bank of America Merrill Lynch is the underwriter.
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