Published on 5/3/2010 in the Prospect News Structured Products Daily.
New Issue: Bank of America sells $18.27 million floaters tied to Consumer Price Index
By Susanna Moon
Chicago, May 3 - Bank of America Corp. priced $18.27 million of floating-rate notes due May 3, 2017 based on the Consumer Price Index, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 4% for the first year. After that, the rate will be the year-over-year change in the Consumer Price Index plus a spread of 215 basis points, up to a maximum rate of 8%. Interest is payable monthly and cannot be less than 0%.
The payout at maturity will be par.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the agent.
Issuer: | Bank of America Corp.
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Issue: | Floating-rate notes
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Underlying index: | Consumer Price Index
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Amount: | $18.27 million
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Maturity: | May 3, 2017
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Coupon: | 4% for first year; thereafter, change in CPI plus 215 bps, capped at 8%, with floor of zero; payable monthly
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Price: | Variable
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Payout at maturity: | Par
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Pricing date: | April 29
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Settlement date: | May 3
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Agent: | Merrill Lynch, Pierce, Fenner & Smith Inc.
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Fees: | 0.35%
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Cusip: | 06048WBT6
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