Published on 11/1/2010 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $33.31 million variable coupon notes linked to 16 stocks
By Angela McDaniels
Tacoma, Wash., Nov. 1 - Bank of America Corp. priced $33.31 million of variable coupon notes due Nov. 4, 2016 linked to a basket of stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes equal weights of Barrick Gold Corp., Merck & Co., Inc., Blackstone Group LP, Microsoft Corp., Coca-Cola Co., Mosaic Co., Dell Inc., Oracle Corp., Exxon Mobil Corp., Ford Motor Co., Procter & Gamble Co., Goldman Sachs Group, Inc., Research In Motion Ltd. and JPMorgan Chase & Co.
The notes will pay a coupon annually beginning Oct, 28, 2011 equal to the average of the basket stocks' performances, subject to a floor of 2%. If a stock's return is zero or positive, its performance will be equal to the auto-cap of 9.05%. Otherwise, its performance will be equal to its return.
The payout at maturity will be par of $10.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Variable coupon notes
|
| Underlying stocks: | Barrick Gold Corp., Merck & Co., Inc., Blackstone Group LP, Microsoft Corp., Coca-Cola Co., Mosaic Co., Dell Inc., Oracle Corp., Exxon Mobil Corp., Ford Motor Co., Procter & Gamble Co., Goldman Sachs Group, Inc., Research In Motion Limited and JPMorgan Chase & Co.
|
| Amount: | $33,310,380
|
| Maturity: | Nov. 4, 2016
|
| Coupon: | Weighted average of basket stocks' performances, subject to floor of 2%; if stock's return is zero or positive, its performance will equal 9.05%, otherwise, its performance will equal its return; payable annually
|
| Price: | Par of $10
|
| Payout at maturity: | Par
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 4
|
| Agent: | Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06052R120
|
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