Bank of America note swaps protection for higher returns

A cut and a cap

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Bank of America has launched the Market Index Target-Term Securities, a six-year product linked to the performance of the Dow Jones Industrial Average Index. The note is a partially protected growth product and pays a proportion of invested capital plus returns proportional to any rise in the underlying. The product will pay at least 90% of the principal amount at maturity regardless of the performance of the underlying. Returns will equal the rise in the index - for example, if index growth