Published on 12/29/2006 in the Prospect News Structured Products Daily.
New Issue: Merrill Lynch prices $27.5 million Strategic Return Notes linked to Dow Jones BRIC 50
By Jennifer Chiou
New York, Dec. 28 - Merrill Lynch & Co. said it priced a $27.5 million issue of 0% Strategic Return Notes medium-term series C notes due Dec. 28, 2011 linked to the Dow Jones BRIC 50 Total Return index, according to a 424B3 filing with the Securities and Exchange Commission.
Payout at maturity will be $9.90 multiplied by the return on the index. In addition, the index level will be reduced by a 1.5% adjustment factor annually, reducing the return by 7.23% over the life of the notes. To receive at least par, the index level must increase by about 1%.
Holders can exchange the notes ahead of maturity during a period in December of each year.
Issuer: | Merrill Lynch & Co., Inc.
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Issue: | Strategic Return Notes medium-term notes
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Underlying index: | Dow Jones BRIC 50 Total Return
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Amount: | $27.5 million
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Maturity: | Dec. 28, 2011
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Coupon: | 0%
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Price: | Par of $10.00
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Payout at maturity: | Return on index, reduced by 1.5% annually, multiplied by 99%
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Call: | Non-callable
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Optional exchange: | During specified period in December from 2007 through 2010, using same formula as payout at maturity
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Pricing date: | Dec. 20
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Settlement date: | Dec. 28
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Underwriter: | Merrill Lynch & Co.
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Fees: | 2%
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