E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
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.
Issue:Callable yield notes
Underlying indexes:S&P 500 index and the Russell 2000 index
Amount:$1.5 million
Maturity:Feb. 28, 2013
Coupon:9%, payable quarterly
Price:Par
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
Call option:At par on any interest payment date
Initial levels:1,363.46 for S&P, 829.23 for Russell
Knock-in levels:1,022.60 for S&P, 621.92 for Russell; 75% of initial levels
Pricing date:Feb. 23
Settlement date:Feb. 28
Agent:Bank of America Merrill Lynch
Fees:2.25%
Cusip:06048WKL3

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.