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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 18 - Merrill Lynch & Co., Inc. plans to price 0% buffered return enhanced notes due Sept. 3, 2008 linked to the FTSE 100 index via J.P. Morgan Securities Inc., according to an FWP filing with the Securities and Exchange Commission.
The notes are expected to price May 25 and settle May 30.
The payout at maturity will be double any positive return on the index up to a maximum return, which is expected to be at least 15.1% and will be determined at pricing. 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. 22 and Aug. 29, 2008.
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