Published on 11/1/2010 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $32.36 million coupon-bearing notes linked to Deere
By Angela McDaniels
Tacoma, Wash., Nov. 1 - Bank of America Corp. priced $32.36 million of 8% coupon-bearing notes due Nov. 14, 2011 linked to the common stock of Deere & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If the final share price is greater than or equal to 92.83% of the initial share price, the payout at maturity will be par of $10. Investors will lose 1% for every 1% that the share price declines below that threshold.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Coupon-bearing notes
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Underlying stock: | Deere & Co. (NYSE: DE)
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Amount: | $32,364,960
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Maturity: | Nov. 14, 2011
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Coupon: | 8%, payable quarterly
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Price: | Par of $10
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Payout at maturity: | If final share price is greater than or equal to threshold value, par; 1% loss for every 1% that share price declines below threshold value
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Initial stock price: | $75.41
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Threshold value: | $70.00, 92.83% of initial price
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Pricing date: | Oct. 28
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Settlement date: | Nov. 4
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Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
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Fees: | 1.75%
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Cusip: | 06052R195
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