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Bank of America plans market-linked step-up notes on Stoxx 600 Banks
By Susanna Moon
Chicago, Oct. 7 - Bank of America Corp. plans to price 0% market-linked step-up notes due October 2015 linked to the Stoxx 600 Banks index, according to an FWP filing with the Securities and Exchange Commission.
If the index finishes above the step-up value - 119% to 125% 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 19% to 25%.
Investors will be fully exposed to any losses.
BofA Merrill Lynch is the agent.
The notes are expected to price and settle in October.
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