New Issue: Bank of America prices $46.11 million market-linked step up notes tied to S&P 500

By Marisa Wong

Milwaukee, May 3 - Bank of America Corp. priced $46.11 million of 0% market-linked step up notes due April 27, 2012 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above the initial level, the payout at maturity will be par of $10 plus the greater of the step up payment and the index return. The step up payment is 17.65%.

Investors will be exposed to any index decline.

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

Issuer:	Bank of America Corp.
Issue:	Market-linked step up notes
Underlying index:	S&P 500 index
Amount:	$46,113,930
Maturity:	April 27, 2012
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus greater of index gain and 17.65%; full exposure to losses
Initial index level:	1,206.78
Step-up value:	1,419.78, or 117.65% of initial level
Pricing date:	April 29
Settlement date:	May 6
Agents:	Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC
Fees:	2%
Cusip:	06052H627

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