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

By Susanna Moon

Chicago, July 26 - Bank of America Corp. plans to price market-linked step-up notes due August 2015 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 - 111% to 117% 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 threshold level, which will be the initial level, the payout will be par plus the step-up return of 11% to 17%.

Otherwise, investors will be fully exposed to any losses.

The exact deal terms will be set at pricing.

BofA Merrill Lynch is the agent.

The notes will price in August and settle in September.

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