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Bank of America to price buffered Steepls linked to Dow Jones Industrial
By E. Janene Geiss
Philadelphia, Nov. 24 - Bank of America plans to price 0% buffered Strategic Equity Exposure Performance Linked Securities due June 28, 2010 linked to the Dow Jones Industrial Average, according to a 424B5 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus double any basket gain, capped at a return of between 16% and 20%, with the exact cap to be set at pricing. Investors will receive par if the basket declines by 10% or less and will lose 1% for each 1% decline beyond 10%.
The notes are expected to price Dec. 22 and settle in December.
Banc of America Securities LLC and Banc of America Investment Services, Inc. are the agents.
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