Published on 2/2/2009 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $75.9 million Accelerated Return Notes linked to gold
By Angela McDaniels
Tacoma, Wash., Feb. 2 - Bank of America Corp. priced $75.9 million of 0% Accelerated Return Notes due April 7, 2010 linked to the gold spot price, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10.00 plus triple any increase in the gold spot price, subject to a maximum return of 48.1%. Investors will be fully exposed to any decline in the gold spot price.
Merrill Lynch & Co. and First Republic Securities Co., LLC are the underwriters.
Issuer: | Bank of America Corp.
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Issue: | Accelerated Return Notes
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Underlying commodity: | Gold
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Amount: | $75.9 million
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Maturity: | April 7, 2010
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Coupon: | 0%
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Price: | Par of $10.00
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Payout at maturity: | Par plus triple any increase in the gold spot price, up to maximum return of 48.1%; full exposure to any decline
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Initial gold spot price: | $892.25
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Pricing date: | Jan. 29
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Settlement date: | Feb. 5
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Underwriters: | Merrill Lynch & Co. and First Republic Securities Co., LLC
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Fees: | 2%
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