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Bank of America plans Accelerated Return Notes tied to S&P 500 index
By Devika Patel
Knoxville, Tenn., Sept. 17 – Bank of America Corp. plans to price 0% Accelerated Return Notes due November 2016 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par of $10 plus 300% of the index return, subject to a maximum return that is expected to be 13% to 15% and will be set at pricing.
If the index return is negative, investors will be exposed to the decline.
Merrill Lynch & Co. is the agent.
The notes will price and settle in September.
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