Published on 8/30/2010 in the Prospect News Structured Products Daily.
New Issue: Bank of America sells $10.51 million step up notes tied to Pfizer stock
By Marisa Wong
Madison, Wis., Aug. 30 - Bank of America Corp. priced $10.51 million of 0% market-linked step up notes due Sept. 9, 2011 tied to the common stock of Pfizer Inc., according to a 42B2 filing with the Securities and Exchange Commission.
If the final stock price is greater than or equal to the initial stock price, the payout at maturity will be par of $10 plus the greater of the stock return and the step-up payment of 15.12%. Investors will be exposed to any stock price decline.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Market-linked step up notes
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Underlying stock: | Pfizer, Inc. (NYSE: PFE)
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Amount: | $10,509,070
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Maturity: | Sept. 9, 2011
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus greater of stock price gain and 15.12%; full exposure to losses
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Initial price: | $15.96
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Pricing date: | Aug. 26
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Settlement date: | Sept. 2
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Agents: | Merrill Lynch, Pierce, Fenner & Smith Inc.
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Fees: | 1.75%
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Cusip: | 06052K604
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