Published on 6/28/2010 in the Prospect News Structured Products Daily.
New Issue: Bank of America sells $10.24 million floaters on seven-year CMS rate
By Susanna Moon
Chicago, June 28 - Bank of America Corp. priced $10.24 million of non-callable floating-rate notes due July 2, 2017 linked to the seven-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 1.08 times the seven-year CMS rate, payable quarterly.
The payout at maturity will be par.
Merrill Lynch, Pierce, Fenner & Smith Inc. and its broker-dealer affiliate First Republic Securities Co., LLC are the underwriters.
Issuer: | Bank of America Corp.
|
Issue: | Non-callable floating-rate notes
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Underlying rate: | Seven-year Constant Maturity Swap rate
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Amount: | $10,243,000
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Maturity: | July 2, 2017
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Coupon: | 108% of seven-year CMS rate; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | June 24
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Settlement date: | July 2
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Underwriters: | Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC
|
Fees: | 2%
|
Cusip: | 06048WCF5
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