Published on 4/12/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $6.41 million floaters on Consumer Price Index
By Jennifer Chiou
New York, April 12 - Bank of America Corp. priced $6.41 million of floating-rate notes due April 12, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 5% for the first two years. After that, the rate will be the year-over-year change in the Consumer Price Index plus 217 basis points, up to a maximum rate of 8%. Interest is payable monthly and cannot be less than zero.
The payout at maturity will be par.
Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Floating-rate notes
|
| Underlying index: | Consumer Price Index
|
| Amount: | $6,407,000
|
| Maturity: | April 12, 2021
|
| Coupon: | 5% for two years; thereafter, year-over-year change in Consumer Price Index plus 217 bps; floor of 0% and cap of 8%; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | April 8
|
| Settlement date: | April 12
|
| Agent: | Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 06048WFW5
|
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