Published on 11/1/2010 in the Prospect News Structured Products Daily.
New Issue: BofA sells $56.82 million capped leveraged notes on index basket
By Susanna Moon
Chicago, Nov. 1 - Bank of America Corp. priced $56.82 million of 0% Capped Leveraged Index Return Notes due Oct. 26, 2012 based on a basket of three indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the S&P 500 index with a 45% weight, and the MSCI EAFE index and the MSCI Emerging Markets index each with a 27.5% weight.
The payout at maturity will be par of $10.00 plus double any basket gain, up to a cap of $12.05 per note.
Investors will receive par if the basket falls by up to 10% and will be exposed to any decline beyond 10%.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Capped Leveraged Index Return Notes
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Underlying indexes: | S&P 500, MSCI EAFE, MSCI Emerging Markets
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Amount: | $56,820,130
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Maturity: | Oct. 26, 2012
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 200% of any basket gain, capped at 20.5%; exposure to losses beyond 10%
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Pricing date: | Oct. 28
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Settlement date: | Nov. 4
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Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
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Fees: | 2%
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Cusip: | 06052K877
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