Published on 5/29/2012 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $51.99 million market-linked step-up notes linked to S&P 500
By Toni Weeks
San Diego, May 29 - Bank of America priced $51.99 million of market-linked step-up notes due May 22, 2015 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the step-up value - 135.25% of the initial level - the payout at maturity will be par plus the index return.
If the final index level is greater than or equal to the initial level but equal to or below the step-up value, the payout will be par plus the step-up payment of 35.25%.
Investors will receive par if the index falls by up to the 15% threshold value and will be exposed to losses beyond the 15% buffer.
Bank of America Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
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Issue: | Market-linked step-up notes
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Underlying index: | S&P 500
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Amount: | $51,994,670
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Maturity: | May 22, 2015
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Coupon: | 0%
|
Price: | Par
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Payout at maturity: | If final index level is greater than step-up value, par plus index return; if final index level is greater than or equal to initial level but equal to or below step-up value, par plus step-up payment of 35.25%; par if index falls by up to 15%; exposure to losses beyond 15% buffer
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Initial level: | 1,320.68
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Step-up value: | 1,786.22 (135.25% of initial value)
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Threshold value: | 1,112.58, 85% of initial level
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Pricing date: | May 24
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Settlement date: | June 1
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Agent: | Bank of America Merrill Lynch
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Fees: | 2.25%
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Cusip: | 06051R113
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