Published on 1/30/2012 in the Prospect News Structured Products Daily.
New Issue: BofA prices $5.84 million lock-in notes on Dow Jones Global Titans 50
By Jennifer Chiou
New York, Jan. 30 - Bank of America Corp. priced $5,843,330 of 0% lock-in notes due Feb. 3, 2015 linked to the Dow Jones Global Titans 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
If a lock-in event occurs, the payout at maturity will be par plus the greater of the percentage change in the index and the highest lock-in amount.
The lock-in provision is triggered if the index closes at 10% or more above its initial level on either of two observation dates, Feb. 4, 2013 and Jan. 27, 2014. For a 10% to 19.99% increase, the lock-in amount is $1.00 per $10.00 par amount, for a 20% to 29.99% increase, the lock-in amount is $2.00 per $10.00 par amount, and for increases of 30% or more the lock-in amount is $3.00 per $10.00 par amount.
If no lock-in event occurs, investors will receive par plus the index return if the S&P 500 increases, par if the index loses up to 22% and participate in losses beyond 22%.
Bank of America Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Lock-in notes
|
| Underlying index: | Dow Jones Global Titans 50
|
| Amount: | $5,843,330
|
| Maturity: | Feb. 3, 2015
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If a lock-in event occurs, par plus the greater of the percentage change in the index and the highest lock-in amount; the lock-in provision is triggered if the index closes at 10% or more above its initial level on either of two observation dates, Feb. 4, 2013 and Jan. 27, 2014; for a 10% to 19.99% increase, the lock-in amount is 10%, for a 20% to 29.99% increase, the lock-in amount is 20%, and for increases of 30% or more the lock-in amount is 30%; if no lock-in event occurs, par plus the index return if the S&P 500 increases, par if the index loses up to 22% and participate in losses beyond 22%.
|
| Initial level: | 181.28
|
| Pricing date: | Jan. 26
|
| Settlement date: | Feb. 2
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 2.25%
|
| Cusip: | 06051P364
|
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