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Bank of America plans two-year autocallable step-up notes on S&P 500
By Susanna Moon
Chicago, Jan. 5 - Bank of America Corp. plans to price 0% autocallable enhanced market-linked step-up notes with buffer due January 2014 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be called at a premium of 10% if the index closes above the initial level on the call date in January 2013.
If the index finishes above the step-up level - 120% to 126% of the initial level - the payout at maturity will be par plus any index gain.
If the index finishes at or above the threshold - 90% of the initial level - but not above the step-up level, the payout will be par plus the step-up payment, which is expected to be 20% to 26%.
Investors will lose 1% for every 1% decline beyond 10%.
The exact deal terms will be set at pricing.
The notes are expected to price in January and settle in February.
Bank of America Merrill Lynch is the underwriter.
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