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Bank of America to price market-linked step-up notes tied to the Dow
By Toni Weeks
San Luis Obispo, Calif., Oct. 2 - Bank of America Corp. plans to price 0% market-linked step-up notes due October 2016 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 - 111% to 117% of the initial level - the payout at maturity will be par of $10 plus the index gain. The exact step-up value will be set at pricing.
If the index finishes at or above the initial level but is less than or equal to the step-up value, the payout at maturity will be par of $10 plus the step-up payment of 11% to 17%.
Investors will be fully exposed to any losses.
The initial index level will be the lowest closing level of the index during a two-month period beginning on the pricing date.
The notes are expected to price and settle in October.
BofA Merrill Lynch is the agent.
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