New Issue: Bank of America sells $73.9 million 95% protected step-up notes tied to BRIC currencies

By E. Janene Geiss

Philadelphia, Sept. 29 - Bank of America Corp. priced $73.9 million of zero-coupon 95% principal-protected step-up notes due Sept. 27, 2011 linked to a basket of currencies relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.

The basket includes equal weights of the Brazilian real, Russian ruble, Indian rupee and Chinese yuan.

If the basket appreciates relative to the dollar, the payout at maturity will be par of $10.00 plus the greater of 13.75% and the basket gain.

If the basket depreciates relative to the dollar, investors will share in the decline, subject to a minimum payout of $9.50 per note.

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

Issuer:	Bank of America Corp.
Issue:	95% principal-protected step-up notes
Underlying currencies:	Equal weights of the Brazilian real, Russian ruble, Indian rupee and Chinese yuan
Amount:	$73.9 million
Maturity:	Sept. 27, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If basket appreciates, par plus the greater of the basket gain and 13.75%; if basket depreciates, exposure to the decline up to a maximum loss of $0.50.
Initial exchange rates:	1.7017 for real; 30.0433 for ruble; 48.1000 for rupee and 6.8280 for yuan
Pricing date:	Sept. 24
Settlement date:	Oct. 6
Agents:	Merrill Lynch, Pierce, Fenner & Smith Inc., First Republic Securities Co., LLC and Banc of America Investment Services, Inc.
Fees:	1.75%

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