Bank of America ups cap for planned Mitts linked to S&P via Merrill Lynch

By Jennifer Chiou

New York, Feb. 27 - Bank of America Corp. increased the maximum payout for its planned issue of five-year 0% Market Index Target-Term Securities due March 2014 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity now will be par of $10 plus any index gain, subject to a maximum return that is expected to be 47% and 57% and will be set at pricing. It was previously 40% to 50%. Investors will receive at least par.

The final index level will be the average of the index's closing levels on five days shortly before the maturity date. Those dates will be set at pricing.

The issuer has applied to list the notes on the NYSE Arca under the symbol "SCT."

The notes are expected to price and settle in March.

Merrill Lynch & Co., First Republic Securities Co., LLC and Banc of America Investment Services, Inc. are the agents.

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