Bank of America plans two-year market-linked step-up notes tied to DAX

By Susanna Moon

Chicago, Jan. 28 - Bank of America Corp. plans to price 0% market-linked step-up notes due February 2013 based on the DAX Price Return index, according to an FWP filing with the Securities and Exchange Commission.

If the index finishes above the step-up value - 113% to 119% of the initial level - the payout at maturity will be par of $10 plus any index gain.

If the index finishes at or above the initial level but less than the step-up value, the payout at maturity will be par of $10 plus the step-up payment of 13% to 19%.

Investors will be exposed to any losses.

The exact deal terms will be set at pricing.

The notes are expected to price in February and settle in March.

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

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