Bank of America plans Accelerated Return Notes linked to PHLX Defense Sector index

By Angela McDaniels

Tacoma, Wash., Jan. 29 - Bank of America Corp. plans to price 14-month 0% Accelerated Return Notes linked to the PHLX Defense 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 index gain, subject to a maximum return that is expected to be 26% to 30% and will be set at pricing. Investors will be fully exposed to any index decline.

The notes will price in February or March, and the maturity date will fall in April or May of 2010.

Merrill Lynch & Co. and First Republic Securities Co., LLC are the underwriters.

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