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BofA to price market-linked step up notes tied to S&P 500 via Merrill
By Jennifer Chiou
New York, May 27 - Bank of America Corp. plans to price 0% market-linked step up notes due June 2012 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
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. The step up payment will be 16% to 22% and will be set at pricing.
Investors will share in any losses.
The notes are expected to price in June and settle in July.
Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC are the underwriters.
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