Published on 5/2/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of America sells $22.51 million variable coupon notes on 16 stocks
By Marisa Wong
Madison, Wis., May 2 - Bank of America Corp. priced $22.51 million of variable coupon notes due May 5, 2017 linked to a basket of stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes Apple Inc., Charles Schwab Corp., Cisco Systems, Inc., Deere & Co., FedEx Corp., Halliburton Co., JPMorgan Chase & Co., Las Vegas Sands Corp., NIKE Inc., Oracle Corp., Priceline.com Inc., Salesforce.com, Inc., UnitedHealth Group Inc., Wal-Mart Stores, Inc., Whole Foods Market, Inc. and Yahoo! Inc.
The notes will pay a coupon in May of each year equal to the average of the basket stocks' performances, subject to a floor of 2%. If a stock's return is positive, its performance will be equal to the auto-cap of 8.91%. Otherwise, its performance will be equal to its return.
The payout at maturity will be par of $10.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Variable coupon notes
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| Underlying stocks: | Apple Inc. (Symbol: AAPL), Charles Schwab Corp. (Symbol: SCHW), Cisco Systems, Inc. (Symbol: CSCO), Deere & Co. (Symbol: DE), FedEx Corp. (Symbol: FDX), Halliburton Co. (Symbol: HAL), JPMorgan Chase & Co. (Symbol: JPM), Las Vegas Sands Corp. (Symbol: LVS), NIKE Inc. (Symbol: NKE), Oracle Corp. (Symbol: ORCL), Priceline.com Inc. (Symbol: PCLN), Salesforce.com, Inc. (Symbol: CRM), UnitedHealth Group Inc. (Symbol: UNH), Wal-Mart Stores, Inc. (Symbol: WMT), Whole Foods Market, Inc. (Symbol: WFMI) and Yahoo! Inc. (Symbol: YHOO)
|
| Amount: | $22,512,990
|
| Maturity: | May 5, 2017
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| Coupon: | Weighted average of basket stocks' performances, subject to floor of 2%; if stock's return is positive, its performance will equal 8.91%, otherwise, its performance will equal its return; payable annually
|
| Price: | Par of $10
|
| Payout at maturity: | Par
|
| Pricing date: | April 28
|
| Settlement date: | May 5
|
| Agent: | Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06050R403
|
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