Published on 5/2/2011 in the Prospect News Structured Products Daily.
New Issue: BofA prices $9.93 million Stars on iShares MSCI EAFE, EM funds
By Jennifer Chiou
New York, May 2 - Bank of America Corp. priced $9.93 million of 0% Strategic Accelerated Redemption Securities due May 7, 2012 linked to an international equity basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes equal weights of the iShares MSCI EAFE index fund and the iShares MSCI Emerging Markets index fund.
If the basket closes above its initial value on any of three observation dates, the notes will be called at par of $10 plus an annualized call premium of 10.03%. The call dates are Oct. 25, 2011, Jan. 24, 2012 and April 30, 2012.
Investors will receive par at maturity if the basket falls by up to 5% and will be exposed to losses beyond 5%.
Merrill Lynch is the agent.
Issuer: | Bank of America
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Issue: | Strategic Accelerated Redemption Securities
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Underlying funds: | iShares MSCI EAFE index fund and iShares MSCI Emerging Markets index fund, equally weighted
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Amount: | $9,930,400
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Maturity: | May 7, 2012
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Coupon: | 0%
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Price: | Par
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Payout: | Par if the basket falls by up to 5%; exposure to losses beyond 5%
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Call option: | Par plus annualized call premium of 10.03% if basket closes above initial value on any of three observation dates, Oct. 25, 2011, Jan. 24, 2012 and April 30, 2012
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Pricing date: | April 28
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Settlement date: | May 5
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Agent: | Merrill Lynch
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Fees: | 1.25%
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Cusip: | 06050R411
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