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

New York, Nov. 28 - Bank of America Corp. plans to price 0% market-linked step-up notes due December 2013 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus the index return if the final index level is greater than the step-up value, which will be 118% to 124% of the initial index level.

The payout will be par plus the step-up payment of 18% to 24% if the final index level is greater than or equal to the initial level but less than the step-up value.

Investors will be fully exposed to the decline if the final index level is less than the initial index level.

The exact step-up value and step-up payment will be set at pricing.

The notes are expected to price and settle in January.

Bank of America Merrill Lynch is the agent.

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