Published on 8/2/2010 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $41.87 million Stars linked to S&P 500 via Merrill
By Jennifer Chiou
New York, Aug. 2 - Bank of America Corp. priced $41.87 million of 0% Strategic Accelerated Redemption Securities due Jan. 28, 2011 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized premium of 8.83% if the index closes at or above its initial level on the Jan. 21, 2011 observation date.
If the notes are not called, investors will be exposed to any index decline.
Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC are the underwriters.
Issuer: | Bank of America Corp.
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Issue: | Strategic Accelerated Redemption Securities
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Underlying index: | S&P 500
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Amount: | $41,871,110
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Maturity: | Jan. 28, 2011
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Coupon: | 0%
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Price: | Par of $10
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Call: | At 8.83% premium if index closes at or above initial level on the Jan. 21, 2011 observation date
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Payout at maturity: | Par plus index return
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Initial index level: | 1,101.53
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Pricing date: | July 29
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Settlement date: | Aug. 9
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Underwriters: | Merrill Lynch, Pierce, Fenner & Smith Inc., First Republic Securities Co., LLC
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Fees: | 1%
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Cusip: | 06052K398
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