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Merrill Lynch to price notes linked to 30-year, 10-year CMS rates
By Laura Lutz
Des Moines, March 30 - Merrill Lynch & Co., Inc. plans to price principal-protected notes due April 2019 linked to the 30-year and 10-year constant maturity swap (CMS) rates, according to a 424B3 filing with the Securities and Exchange Commission.
The notes are expected to settle in April.
The notes will bear interest at a fixed rate of at least 7% for the first year.
From April 2008 onwards, interest for each quarter will be a rate of 7% per year times the fraction of days in that quarter in which the 30-year CMS rate exceeds the 10-year CMS rate.
Interest will be payable quarterly.
The notes will be callable on any interest payment date on or after April 2008 at par plus accrued interest.
The payout at maturity will be par plus accrued interest.
Merrill Lynch & Co. is the agent.
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