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

By Jennifer Chiou

New York, May 30 - Bank of America is planning an issue of 0% unsecured senior notes due June 30, 2008 in the Steepls structure (Strategic Equity Exposure Performance Linked Securities) linked to the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus triple the amount by which the index gains, capped at between 10% and 22%. 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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