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BofA plans Accelerated Return Notes on Industrial Select Sector index
By Jennifer Chiou
New York, Feb. 26 - Bank of America plans to price 0% Accelerated Return Notes due May 2011 linked to the Industrial Select Sector index, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any gain in the index, with the return capped at between 14% and 18%. The exact cap will be set at pricing.
Investors will be exposed to any losses.
The notes are expected to price and settle in March.
Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co. LLC are the agents.
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