Bank of America plans five-year market-linked step-up notes on S&P 500

By Susanna Moon

Chicago, June 5 - Bank of America Corp. plans to price market-linked step-up notes due June 2018 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 step-up value - 117% to 123% 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 80% threshold level, the payout will be par plus the step-up return of 17% to 23%.

Otherwise, investors will be fully exposed to any losses if the index falls below the trigger level.

The exact deal terms will be set at pricing.

BofA Merrill Lynch is the agent.

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

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