Bank of America increases step up payment for market-linked step up notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., Jan. 28 - Bank of America Corp. changed the expected step up payment for its upcoming three-year 0% market-linked step up notes linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The step up payment is now expected to be 17% to 23% and will be set at pricing. It was previously expected to be 15% to 21%.

If the final index level is greater than or equal to the initial level, the payout at maturity will be par of $10 plus the greater of the step up payment and the index return.

Investors will receive par if the index declines by 5% or less and will lose 1% for every 1% that it declines beyond 5%.

The notes are expected to price in February or March.

The issuer said it applied to list the notes on NYSE Arca under the symbol "MQC."

Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC are the underwriters.

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