Bank of America plans market-linked step-up notes linked to S&P 500

By Susanna Moon

Chicago, June 29 - Bank of America Corp. plans to price 0% market-linked step-up notes due July 2015 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the index finishes at or above the 120% to 126% step level, the payout at maturity will be par of $10.00 plus any gain.

If the index gains but finishes below the step level, the payout will be par of $10.00 plus $2.00 to $2.60 per note.

Investors will receive par if the index falls by up to 15% and will be exposed to any losses beyond 15%.

Bank of America Merrill Lynch is the underwriter.

The notes will price in June and settle in July.

The exact deal terms will be set at pricing.

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