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Bank of America plans step-up notes linked to renminbi versus dollar
By Jennifer Chiou
New York, Oct. 18 - Bank of America Corp. plans to price 0% currency-linked step-up notes due October 2013 linked to the Chinese renminbi versus the dollar, according to an FWP with the Securities and Exchange Commission.
If the exchange rate is unchanged or increases, but does not ride above the step-up level of 109% to 113% of the initial level, the payout at maturity will be par of $10 plus the 9% to 13% step-up payment.
Investors will share in any gain exceeding the step-up level. Investors will be exposed to the decline should the renminbi fall versus the dollar, subject to a minimum payout of 90% of par.
The notes are expected to price in October and settle in November.
Bank of America Merrill Lynch is the agent.
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