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Bank of America to price market-linked step up notes on MSCI EAFE
By Marisa Wong
Madison, Wis., Aug. 27 - Bank of America Corp. plans to price 0% market-linked step up notes due September 2014 linked to the MSCI EAFE 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 32% to 38% and will be set at pricing.
Investors will receive par if the final index level is at least 85% of the initial level and will be exposed to any index decline beyond 15%.
The notes are expected to price and settle in September.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
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