Bank of America to sell 0% Steepls linked to Nasdaq 100

By Laura Lutz

Washington, Jan. 30 - Bank of America is planning an issue of 0% senior notes due Feb. 27, 2009 in the Strategic Equity Exposure Performance Linked Securities (Steepls) structure linked to the Nasdaq 100 index, according to a 424B5 filing with the Securities and Exchange Commission.

The notes are expected to settle sometime in February.

The payout at maturity will be par plus triple the return on the index. The return will be capped at between 20% and 24%, with the exact cap to be determined at pricing.

Investors will share in any losses.

Banc of America Securities LLC and Banc of America Investment Services, Inc. will be the agents.

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