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Bank of America plans Accelerated Return Notes on PHLX Oil Sector
By Susanna Moon
Chicago, April 9 - Bank of America Corp. plans to price 0% Accelerated Return Notes due June 2011 based on the performance of the PHLX Oil Service Sector index, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any gain in the index, up to maximum of $12.00 to $12.40 per note. The exact cap will be set at pricing.
Investors will be exposed to any losses.
The notes are expected to price in April and settle in May.
Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co. LLC are the agents.
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