Published on 9/15/2011 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $7.04 million Stars on Energy Select fund
By Jennifer Chiou
New York, Sept. 15 - Bank of America Corp. priced $7.04 million of 0% Strategic Accelerated Redemption Securities due Sept. 17, 2012 linked to the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the fund closes at or above its initial level on any of the observation dates, the notes will be called at par of $10 plus an annualized call premium of 25.6%.
The payout at maturity will be par plus any fund gain. Investors will share in any 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 fund: | Energy Select Sector SPDR fund
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Amount: | $7,042,540
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Maturity: | Sept. 17, 2012
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus fund return with exposure to losses
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Call: | At par plus 25.6% per year if fund closes at or above its initial level on March 12, 2012, June 12, 2012 or Sept. 10, 2012
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Initial level: | $65.12
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Pricing date: | Sept. 13
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Settlement date: | Sept. 16
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Underwriter: | Bank of America Merrill Lynch
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Fees: | 1.25%
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Cusip: | 06051N435
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