Bank of America plans buffered Steepls linked to S&P 500

By Susanna Moon

Chicago, April 30 - Bank of America plans to price buffered Strategic Equity Exposure Performance Linked Securities (Steepls) due Aug. 31, 2009 linked to the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.

Payout at maturity will be par plus double any gain on the basket, capped at 17% to 21%. The exact cap will be set at pricing.

If the index falls by up to 10%, the payout will be par. Investors will be exposed to any losses beyond 10%.

The notes are expected to price and settle in May.

Banc of America Securities LLC and Banc of America Investment Services, Inc. are the underwriters.

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