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BofA plans enhanced market-linked step-up notes with buffer on DJIA
By Marisa Wong
Madison, Wis., May 26 - Bank of America Corp. plans to price 0% enhanced market-linked step-up notes with buffer due June 2014 linked to the Dow Jones Industrial Average, according to an FWP filing with the Securities and Exchange Commission.
If the final index level is greater than the step-up value, the payout at maturity will be par of $10 plus the index return.
If the final index level is less than or equal to the step-up value and greater than or equal to 90% of the initial index level, the payout at maturity will be par plus the step-up payment.
Investors will lose 1% for every 1% that the index declines beyond 10%.
The step-up value is expected to be 109% to 115% of the initial index level, and the step-up payment is expected to be 9% to 15%. Both will be set at pricing.
The notes will price in June and settle in July.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
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