Bank of America plans six-month callable Stars tied to S&P 500 index

By Susanna Moon

Chicago, March 11 - Bank of America Corp. plans to price 0% Strategic Accelerated Redemption Securities due September 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the index finishes at or above its initial level on the observation date in September, the notes will be called at par of $10 plus a premium of 5% to 9% per year. The exact call premium will be set at pricing.

The payout at maturity will be par if the index finishes at or above the initial level.

Investors will be exposed to any losses.

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

The notes will price in March and settle in April.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.