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Bank of America plans Bear Accelerated Return Notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Sept. 24 - Bank of America Corp. plans to price 53-week 0% Bear Accelerated 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 5% for every 1% that the final index level declines below the initial level, subject to a maximum return of 12% to 16% that will be set at pricing. Investors will lose 1% for every 1% that the index advances.
The notes are expected to price in October or November.
Merrill Lynch, Pierce, Fenner & Smith Inc., First Republic Securities Co., LLC and Banc of America Investment Services, Inc. are the agents.
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