Bank of America to price Mitts linked to Australian, New Zealand, Canadian dollars

By Angela McDaniels

Tacoma, Wash., May 2 - Bank of America Corp. plans to price 0% Market Index Target-Term Securities due May 2014 linked to the performance of a basket of currencies relative to the U.S. dollar, according to an FWP filing with the Securities and Exchange Commission.

The basket includes the Australian dollar with a 33.34% weight, the Canadian dollar with a 33.33% weight and the New Zealand dollar with a 33.33% weight.

The payout at maturity will be par of $10 plus 180% to 210% of the basket return if the basket appreciates relative to the U.S. dollar. The exact participation rate will be set at pricing.

Investors will receive par plus the basket return if the basket depreciates relative to the U.S. dollar, subject to a minimum payout of $9 per note.

The notes are expected to price and settle in May.

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

© 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.