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Bank of America plans market-linked step-up autocallables on Russell 2000
By Susanna Moon
Chicago, Jan. 25 - Bank of America Corp. plans to price autocallable market-linked step-up notes due February 2016 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus 9% if the index closes above the initial level on February 2014 or February 2015.
If the index finishes at or above the step-up value - 130% to 136% of the initial level - the payout at maturity will be par plus the index gain.
If the index finishes below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 30% to 36%.
Investors will receive par if the index falls by up to 5% and will be exposed to any losses beyond 5%.
The exact deal terms will be set at pricing.
Bank of America Merrill Lynch is the agent.
The notes will price and settle in February.
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