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Bank of America plans Bear Accelerated Return Notes linked to S&P 500
By Marisa Wong
Milwaukee, Feb. 4 - Bank of America Corp. plans to price six-month 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 three times the absolute value of any decline in the index, subject to a maximum return of 8% to 12%. The exact cap will be set at pricing.
Investors will lose 1% for every 1% index gain.
The notes are expected to price in February and settle in March.
Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC are the agents.
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