Published on 12/19/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $16.11 million step-up notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Dec. 19 - Bank of America Corp. priced $16.11 million of 0% market-linked step-up notes due Jan. 28, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index's final level is greater than or equal to the initial level, the payout at maturity will be par plus the greater of the index return and 20.06%. Investors will be exposed to any index decline.
Bank of America Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
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Issue: | Market-linked step-up notes
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Underlying index: | S&P 500
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Amount: | $16,108,540
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Maturity: | Jan. 28, 2013
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index finishes above 120.06% of initial level, par plus index return; if index finishes at or above initial level but at or below step-up value, par plus 20.06%; exposure to any index decline
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Initial index level: | 1,215.75
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Step-up value: | 1,459.63, 120.06% of initial level
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Pricing date: | Dec. 15
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Settlement date: | Dec. 23
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Agent: | Bank of America Merrill Lynch
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Fees: | 1.75%
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Cusip: | 06051P331
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