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

By Toni Weeks

San Diego, June 29 - Bank of America Corp. plans to price market-linked step-up notes due July 2014 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the final index level is greater than the step-up value - 122% to 128% of the initial level - the payout at maturity will be par plus the index return.

If the final index level is greater than or equal to the initial level but equal to or below the step-up value, the payout will be par plus the step-up payment of 22% to 28%.

Investors will be fully exposed to any losses if the index declines.

The exact terms will be determined at pricing.

The notes are expected to price in July and settle in August.

Bank of America Merrill Lynch will be the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.