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Merrill Lynch to price 0% buffered return enhanced notes linked to FTSE 100 via JPMorgan
By E. Janene Geiss
Philadelphia, May 4 - Merrill Lynch & Co., Inc. plans to price an offering of 0% buffered return enhanced notes due Aug. 20, 2008 linked to the FTSE 100 index via agent J.P. Morgan Securities Inc., according to an FWP filing with the Securities and Exchange Commission.
The notes are expected to price May 11 and settle May 16.
The payout at maturity will be par plus double any gain on the index, subject to a maximum total return that will be determined at pricing and will be at least 14.3%.
If the index declines by 10% or less, payout will be par. Investors will lose 1.1111% for every 1% the index declines beyond 10%.
The final index level will be the average of the index closing levels on each business day from Aug. 11 through Aug. 15, 2008.
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