By Toni Weeks
San Diego, March 1 - Bank of America Corp. priced $4.15 million of 0% currency-linked step-up notes due March 4, 2014 linked to a basket of three equally weighted currencies relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.
The underlying currencies are the Norwegian krone, the Swedish krona and the Turkish lira.
If the basket finishes at or below the step value of 128% of the initial level, the payout at maturity will be par of $10 plus the step-up payment of $2.80.
Otherwise, the payout will be par plus any gain.
Investors will share in any basket decline, with a minimum payout of $9.00 per note.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Currency-linked step-up notes
|
| Underlying currencies: | Norwegian krone, Swedish krona, Turkish lira, equally weighted against dollar
|
| Amount: | $4,148,190
|
| Maturity: | March 4, 2014
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus 28% if basket finishes at or below step value of 128% of the initial level; otherwise, par plus any gain; floor of 90% of par
|
| Initial exchange rates: | 5.6044 for the Norwegian krone, 6.3882 for the Swedish krona and 1.6069 for the Turkish lira
|
| Pricing date: | Feb. 24
|
| Settlement date: | March 4
|
| Agent: | Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Fees: | 2%
|
| Cusip: | 06052R773
|
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