Bank of America plans market-linked step up notes linked to S&P 500

By Susanna Moon

Chicago, July 29 - Bank of America Corp. plans to price 0% market-linked step up notes due August 2014 based on the performance of 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 is expected to be 30% to 36% and will be set at pricing.

Investors will share in any losses.

The notes are expected to price in August and settle in September.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.

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