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Bank of America plans six-year 90%-protected Mitts linked to the Dow
By Marisa Wong
Madison, Wis., Nov. 30 - Bank of America Corp. plans to price 0% Market Index Target-Term Securities due January 2019 linked to the Dow Jones industrial average, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus any gain in the index, up to a maximum return of 40% to 50%. The exact cap will be set at pricing.
If the index falls, investors will be exposed to losses of up to 10% and will receive at least 90% of par.
Bank of America Merrill Lynch is the underwriter.
The notes are will price and settle in January.
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