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Bank of America plans buffered market-linked step-up notes on the Dow
By Susanna Moon
Chicago, April 27 - Bank of America Corp. plans to price 0% enhanced market-linked step-up notes with buffer due May 2015 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 - 120% to 126% of the initial value - the payout at maturity will be par plus the index gain.
If the index gains but finishes at or below the step-up value, the payout will be par plus the step-up payment of 20% to 26%.
The exact step-up amounts will be set at pricing.
Investors will receive par if the index falls by up to 10% and will be exposed to any losses beyond 10%.
Bank of America Merrill Lynch will be the agent.
The notes are expected to price in May and settle in June.
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