Published on 1/29/2010 in the Prospect News Structured Products Daily.
New Issue: Bank of America sells $74.05 million Stars linked to S&P 500 index
By Susanna Moon
Chicago, Jan. 29 - Bank of America Corp. priced $74.05 million 0% Strategic Accelerated Redemption Securities due Aug. 3, 2010 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at a premium of 8.35% per year if the index closes at or above its initial level on the observation date. For each $10.00 principal amount, the call amount will be $10.835 if the notes are called on July 27.
If the notes are not called, investors will be exposed to any losses.
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: | Strategic Accelerated Redemption Securities
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Underlying index: | S&P 500
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Amount: | $74.05 million
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Maturity: | Aug. 3, 2010
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Coupon: | 0%
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Price: | Par of $10.00
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Payout at maturity: | Exposure to losses
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Call: | At premium of 8.35% per year if index closes at or above initial level on observation date
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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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Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc., First Republic Securities Co., LLC
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Fees: | 1%
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Cusip: | 06052E855
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