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Bank of America plans enhanced step-up notes on Dow Jones Industrials
By Toni Weeks
San Diego, June 24 - Bank of America Corp. plans to price 0% buffered enhanced market-linked step-up notes due July 2014 linked to the Dow Jones Industrial Average, according to an FWP filing with the Securities and Exchange Commission.
If the index finishes above the step-up value - 113% to 119% of the initial level - the payout at maturity will be par of $10 plus the index gain.
If the index finishes at or above 90% of the initial level but is less than or equal to the step-up value, the payout at maturity will be par of $10 plus the step-up payment of 13% to 19%. The exact step-up value will be set at pricing.
Investors will be exposed to losses beyond 10%.
The notes are expected to price in July and settle in August.
Bank of America Merrill Lynch is the agent.
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