Published on 3/28/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $29.81 million variable-coupon notes linked to 16 stocks
By Angela McDaniels
Tacoma, Wash., March 28 - Bank of America Corp. priced $29.81 million of variable-coupon notes due April 4, 2017 linked to a basket of stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes equal weights of American Express Co., Apple Inc., Barrick Gold Corp., Cisco Systems, Inc., Citigroup Inc., Corning Inc., Ford Motor Co., Goldcorp, Inc., Halliburton Co., Home Depot Inc., Las Vegas Sands Corp., Qualcomm, Inc., SanDisk Corp., UnitedHealth Group Inc., Walgreen Stores, Inc. and Yahoo! Inc.
The notes will pay a coupon in April of each year equal to the average of the basket stocks' performances, subject to a minimum interest rate of 2%.
If a stock's return is zero or positive, its performance will be equal to 9.33%. Otherwise, its performance will be equal to its return.
The payout at maturity will be par of $10 plus the last coupon.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Variable-coupon notes
|
| Underlying stocks: | American Express Co., Apple Inc., Barrick Gold Corp., Cisco Systems, Inc., Citigroup Inc., Corning Inc., Ford Motor Co., Goldcorp, Inc., Halliburton Co., Home Depot Inc., Las Vegas Sands Corp., Qualcomm, Inc., SanDisk Corp., UnitedHealth Group Inc., Walgreen Stores, Inc. and Yahoo! Inc.
|
| Amount: | $29,808,110
|
| Maturity: | April 4, 2017
|
| Coupon: | Weighted average of basket stocks' performances, subject to floor of 2%; if stock's return is positive or flat, its performance will equal 9.33%, otherwise, its performance will equal its return; payable annually
|
| Price: | Par of $10
|
| Payout at maturity: | Par
|
| Pricing date: | March 24
|
| Settlement date: | April 1
|
| Agent: | Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06050R205
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
