Published on 4/30/2012 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $2.28 million 13-month Stars tied to crude oil
By Toni Weeks
San Diego, April 30 - Bank of America Corp. priced $2.28 million of 0% Strategic Accelerated Redemption Securities due May 23, 2013 linked to the crude oil futures contract, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at a premium of 18.5% if the futures contract price closes at or above the initial price on the May 16, 2013 observation date.
If the notes are not called, the payout will be par plus the return with exposure to any losses.
Bank of America Merrill Lynch is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Strategic Accelerated Redemption Securities
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Underlying commodity: | Crude oil futures contract
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Amount: | $2,276,080
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Maturity: | May 23, 2013
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus return, with exposure to losses
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Call: | At par plus 18.5% on May 16, 2013 if futures contract closing price is at or above initial price
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Initial price: | $104.55
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Pricing date: | April 26
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Settlement date: | May 3
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Underwriter: | Bank of America Merrill Lynch
|
Fees: | 1.75%
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Cusip: | 06051R832
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