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Bank of America plans Accelerated Return Notes tied to defense stocks
By Angela McDaniels
Tacoma, Wash., Nov. 12 – Bank of America Corp. plans to price 0% Accelerated Return Notes due January 2017 linked to a basket of defense industry stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket is composed of General Dynamics Corp. with a 33.34% weight, Northrop Grumman Corp. with a 33.33% weight and Raytheon Co. with a 33.33% weight.
If the basket return is positive, the payout at maturity will be par of $10 plus 300% of the basket return, subject to a maximum return that is expected to be 11% to 15% and will be set at pricing. Investors will lose 1% for every 1% decline in the basket.
BofA Merrill Lynch is the agent.
The notes are expected to price and settle in November.
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