Published on 1/24/2012 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $1.74 million floaters tied to two-year, 10-year CMS rates
By Marisa Wong
Madison, Wis., Jan. 24 - Bank of America Corp. priced $1.74 million of floating-rate notes due Jan. 27, 2022 linked to the 10-year Constant Maturity Swap Rate and the two-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 125.25% times the greater of the 10-year CMS rate and the two-year CMS rate, subject to a minimum annualized interest rate of 4% and a maximum rate of 10%. Interest is payable quarterly.
The payout at maturity will be par.
Bank of America Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
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Issue: | Floating-rate notes
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Underlying rates: | 10-year Constant Maturity Swap Rate and two-year CMS rate
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Amount: | $1,744,000
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Maturity: | Jan. 27, 2022
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Coupon: | 125.25% times greater of 10-year CMS rate and the two-year CMS rate, subject to floor of 4% and cap of 10%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Jan. 20
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Settlement date: | Jan. 27
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Agent: | Bank of America Merrill Lynch
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Fees: | 2.5%
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Cusip: | 06048WJZ4
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