Published on 11/25/2009 in the Prospect News Structured Products Daily.
New Issue: Bank of America sells $26.35 million capped leveraged notes on Dow Jones U.S. Real Estate
By Susanna Moon
Chicago, Nov. 25 - Bank of America Corp. priced $26.35 million of 0% Capped Leveraged Index Return Notes due Nov. 25, 2011 based on the Dow Jones U.S. Real Estate index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any gain in the index, up to a maximum return of 40.05%.
Investors will receive par if the index falls by up to 10% and will lose 1% for every 1% decline beyond 10%.
Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC are the agents.
Issuer: | Bank of America Corp.
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Issue: | Capped Leveraged Index Return Notes
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Underlying index: | Dow Jones U.S. Real Estate
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Amount: | $26.35 million
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Maturity: | Nov. 25, 2011
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 300% of any index gain, capped at 40.05%; par if index declines by 10% or less; 1% loss for every 1% drop beyond 10%
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Initial index level: | 168.50
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Threshold level: | 134.80, or 80% of initial level
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Pricing date: | Nov. 23
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Settlement date: | Dec. 1
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Agents: | Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC
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Fees: | 2%
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