Published on 8/2/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $13.49 million six-month Stars linked to S&P 500
By Toni Weeks
San Diego, Aug. 2 - Bank of America Corp. priced $13.49 million of 0% Strategic Accelerated Redemption Securities due January 27, 2012 linked to the S&P 500 index, according to a 424B8 filing with the Securities and Exchange Commission.
If the index closes at or above its initial level on the Jan. 20, 2012 observation date, the notes will be called at par of $10 plus an annualized call premium of 14.82%.
If the notes are not called, the payout at maturity will be par plus the index return. Investors will be fully exposed to losses.
Bank of America Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
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Issue: | Strategic Accelerated Redemption Securities
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Underlying index: | S&P 500
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Amount: | $13,492,330
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Maturity: | Jan. 27, 2012
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus index return, with exposure to losses
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Call: | At par plus 14.82% per year if index closes at or above its initial level on Jan. 20, 2012
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Initial level: | 1,300.67
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Pricing date: | July 28
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Settlement date: | Aug. 4
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Underwriter: | Bank of America Merrill Lynch
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Fees: | 1%
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Cusip: | 06051N294
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