Bank of America to sell 0% Steepls linked to S&P 500

By Laura Lutz

Des Moines, Oct. 22 - Bank of America plans to price 0% Strategic Equity Exposure Performance Linked Securities (Steepls) due March 2, 2009 linked to the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.

If the final index level is above the initial level, the payout will be par plus double any gain on the index. The payout will be capped at between 119% and 123% of par with the exact cap to be set at pricing.

Otherwise, the payout will be par times the index performance.

The notes are expected to settle in November.

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

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