Published on 2/27/2012 in the Prospect News Structured Products Daily.
New Issue: Bank of America sells $1.5 million 9% callable yield notes on S&P 500, Russell 2000
By Marisa Wong
Madison, Wis., Feb. 27 - Bank of America Corp. priced $1.5 million of 9% callable yield notes due Feb. 28, 2013 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless either index falls to or below its knock-in level - 75% of its initial level - on any day during the life of the notes, in which case investors will receive par plus the return of the worse-performing component, up to a maximum payout of par.
Bank of America Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
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Issue: | Callable yield notes
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Underlying indexes: | S&P 500 index and the Russell 2000 index
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Amount: | $1.5 million
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Maturity: | Feb. 28, 2013
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Coupon: | 9%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless either index falls to or below knock-in level during life of notes, in which case par plus return of worse-performing component, up to maximum of par
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Call option: | At par on any interest payment date
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Initial levels: | 1,363.46 for S&P, 829.23 for Russell
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Knock-in levels: | 1,022.60 for S&P, 621.92 for Russell; 75% of initial levels
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Pricing date: | Feb. 23
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Settlement date: | Feb. 28
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Agent: | Bank of America Merrill Lynch
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Fees: | 2.25%
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Cusip: | 06048WKL3
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