New Issue: Merrill Lynch sells $32 million principal-protected notes linked to five-, two-year CMS rates

By Angela McDaniels

Seattle, May 2 - Merrill Lynch & Co., Inc. priced a $32 million issue of principal-protected notes due May 2, 2017 linked to the five-year and two-year Constant Maturity Swap (CMS) rates, according to a 424B3 filing with the Securities and Exchange Commission.

The notes will bear interest at 8.68% per year for the first three semiannual interest periods. Beginning Nov. 2, 2008, interest will accrue at 8.68% per year for each day the five-year CMS rate is greater than the two-year CMS rate by 0.15% or more.

The payout at maturity will be par plus accrued interest.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.

Issuer:	Merrill Lynch & Co., Inc.
Issue:	Principal-protected medium-term notes, series C
Amount:	$32 million
Maturity:	May 2, 2017
Coupon:	For first 18 months, 8.68% per year; after that, 8.68% per year for each day the five-year CMS rate is greater than the two-year CMS rate by 0.15% or more; payable semiannually
Price:	Par
Payout at maturity:	Par plus accrued interest
Pricing date:	April 30
Settlement date:	May 2
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Underwriting discount:	None

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