Published on 6/27/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $26.89 million variable-coupon notes linked to 16 stocks
By Angela McDaniels
Tacoma, Wash., June 27 - Bank of America Corp. priced $26.89 million of variable-coupon notes due June 30, 2017 linked to a basket of stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes Aflac, Inc., Apple Inc., Barrick Gold Corp., Cisco Systems, Inc., Deere & Co., Ford Motor Co., Halliburton Co., JPMorgan Chase & Co., Las Vegas Sands Corp., Potash Corp. of Saskatchewan Inc., Priceline.com Inc., Salesforce.com, Inc., Schlumberger Ltd., UnitedHealth Group Inc., Wal-Mart Stores, Inc. and Yahoo! Inc.
The notes pay an annual coupon equal to the average of the basket stocks' performances, subject to a minimum interest rate of 1.5%.
If a stock's return is zero or positive, its performance will be 10.91%. Otherwise, its performance will be equal to its return.
The payout at maturity will be par of $10.
Bank of America Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
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Issue: | Variable-coupon notes
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Underlying stocks: | Aflac, Inc., Apple Inc., Barrick Gold Corp., Cisco Systems, Inc., Deere & Co., Ford Motor Co., Halliburton Co., JPMorgan Chase & Co., Las Vegas Sands Corp., Potash Corp. of Saskatchewan Inc., Priceline.com Inc., Salesforce.com, Inc., Schlumberger Ltd., UnitedHealth Group Inc., Wal-Mart Stores, Inc. and Yahoo! Inc.
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Amount: | $28,894,120
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Maturity: | June 30, 2017
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Coupon: | Coupon equal to average of basket stocks' performances, subject to minimum of 1.5%; if a stock's return is zero or positive, its performance will be 10.91%; otherwise, its performance will be equal to its return; payable annually
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Price: | Par of $10
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Payout at maturity: | Par
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Pricing date: | June 23
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Settlement date: | July 1
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Underwriter: | Bank of America Merrill Lynch
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Fees: | 2.5%
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Cusip: | 06050R783
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