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Bank of America plans 9% STEP Income Securities linked to Citigroup
By Toni Weeks
San Diego, July 21 - Bank of America Corp. plans to price 9% STEP Income Securities due August 2012 linked to Citigroup Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the price of Citigroup shares finishes at or above the step level - 109% of the initial price - the payout at maturity will be par of $10 plus a step payment of 1% to 5% that will be set at pricing.
If the stock finishes at or above the initial price but below the step level, the payout will be par.
Investors will be exposed to any losses.
The notes are expected to price and settle in August.
Bank of America Merrill Lynch is the agent.
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