Published on 1/29/2010 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $44.75 million step up notes linked to S&P 500
By Jennifer Chiou
New York, Jan. 29 - Bank of America Corp. priced $44.75 million of 0% market-linked step up notes due Jan. 27, 2012 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par of $10 plus the greater of the index return and 19%. Investors will be fully exposed to any index decline.
The issuer has applied to list the securities on NYSE Arca under the symbol "MPD."
Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC are the underwriters.
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: | $44.75 million
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Maturity: | Jan. 27, 2012
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index finishes at or above initial level, par plus greater of index return and 19%; full exposure to any index decline
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Initial index level: | 1,097.50
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Pricing date: | Jan. 27
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Settlement date: | Feb. 4
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Underwriters: | Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC
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Fees: | 2%
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Cusip: | 0605E780
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