Bank of America plans Capped Leveraged Index Return Notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., June 1 - Bank of America Corp. plans to price two-year 0% Capped Leveraged Index Return Notes linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus double any index gain, subject to a maximum return that is expected to be 20% to 24% and will be set at pricing. Investors will receive par if the index declines by 10% or less and will lose 1% for every 1% decline beyond 10%.

The initial index level will be the lowest closing level recorded during the starting value determination period, which will cover roughly the first two months after the pricing date.

The notes will price in June or July.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.

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