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Bank of America plans one-year callable Stars tied to Brent crude oil
By Susanna Moon
Chicago, July 19 - Bank of America Corp. plans to price 0% Strategic Accelerated Redemption Securities due August 2013 linked to Brent crude oil futures contract, according to an FWP filing with the Securities and Exchange Commission.
The notes will be called at a premium of 18% to 22% if the price of Brent crude oil closes at or above the initial level on the call date.
If the notes are not called, the payout at maturity will be par unless the price of Brent crude falls, in which case investors will be exposed to any losses.
Bank of America Merrill Lynch is the underwriter.
The notes will price in July and settle in August.
The exact deal terms will be set at pricing.
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