Published on 2/28/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $38.42 million capped leveraged notes linked to silver
By Susanna Moon
Chicago, Feb. 28 - Bank of America Corp. priced $38.42 million of 0% Capped Leveraged Index Return Notes due March 4, 2013 linked to the silver spot price, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10.00 plus double any gain in the price of silver, up to a maximum return of $14.24 per note.
Investors will receive par if the price of silver falls by up to 10% and will be exposed to any decline beyond 10%.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Capped Leveraged Index Return Notes
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Underlying asset: | Silver spot price
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Amount: | $38,422,270
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Maturity: | March 4, 2013
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 200% of any gain in silver price, capped at 42.4%; exposure to losses beyond 10%
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Initial level: | 3,328
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Threshold level: | 2,995.20, or 90% of initial level
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Pricing date: | Feb. 24
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Settlement date: | March 4
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Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
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Fees: | 2%
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Cusip: | 06052R732
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