By Laura Lutz
Des Moines, June 29 - Merrill Lynch & Co., Inc. priced a $6 million issue of principal-protected notes due June 29, 2022 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 will bear interest at a fixed rate of 9% for the first two years.
From June 29, 2009 onwards, interest will be 9% times the proportion of days during the interest period that the spread of the 30-year CMS rate over the 10-year CMS rate is greater than or equal to 0%. Interest will be payable quarterly.
The notes are non-callable.
The payout at maturity will be par plus accrued interest.
Merrill Lynch & Co. is agent.
| Issuer: | Merrill Lynch & Co., Inc.
|
| Issue: | Medium-term notes
|
| Underlying rates: | Five-year and 10-year Constant Maturity Swap (CMS) rates
|
| Amount: | $6 million
|
| Maturity: | June 29, 2022
|
| Interest: | Initially 9%, payable quarterly; from June 29, 2009, interest will be 9% times the proportion of days during the interest period that the spread of the 30-year CMS rate over the 10-year CMS rate is greater than or equal to 0%
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call: | Non-callable
|
| Pricing date: | June 28
|
| Settlement date: | June 29
|
| Agent: | Merrill Lynch & Co.
|
| Fees: | 2.5%
|
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