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Merrill Lynch to price principal-protected notes linked to BRIC currencies
By Angela McDaniels
Tacoma, Wash., July 3 - Merrill Lynch & Co., Inc. plans to price zero-coupon 100% principal-protected notes due 2010 linked to a basket of the BRIC currencies, according to an FWP filing with the Securities and Exchange Commission.
The basket includes the Brazilian real, Russian ruble, Indian rupee and Chinese renminbi, equally weighted.
The payout at maturity will be par of $10 plus 160% to 180% of any basket appreciation relative to the dollar, with the exact participation rate to be set at pricing. Investors will receive at least par.
The notes will price in July or August, and the maturity date will fall in January or February of 2010.
Merrill Lynch & Co. and First Republic Securities Co., LLC will be the underwriters.
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