Published on 5/28/2010 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $8.68 million floaters tied to seven-year CMS rate
By Jennifer Chiou
New York, May 28 - Bank of America Corp. priced $8.68 million of non-callable floating-rate notes due June 2, 2017 linked to the seven-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at the seven-year CMS rate, payable quarterly.
The payout at maturity will be par.
Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC are the underwriters.
| Issuer: | Bank of America Corp.
|
| Issue: | Non-callable floating-rate notes
|
| Underlying rate: | Seven-year Constant Maturity Swap rate
|
| Amount: | $8,677,000
|
| Maturity: | June 2, 2017
|
| Coupon: | Seven-year CMS rate plus; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | May 26
|
| Settlement date: | June 2
|
| Underwriters: | Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC
|
| Fees: | 2%
|
| Cusip: | 06048WCA6
|
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