Published on 3/27/2012 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $1 million 7.5% callable yield notes linked to S&P 500, Russell
By Toni Weeks
San Diego, March 27 - Bank of America Corp. priced $1 million of 7.5% callable yield notes due March 28, 2013 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless either index falls below its trigger level - 70% of its initial level - during the life of the notes, in which case investors will receive par plus the return of the least-performing index, up to a maximum payout of par.
Bank of America Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
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Issue: | Callable yield notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $1 million
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Maturity: | March 28, 2013
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Coupon: | 7.5%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless either index falls below the 70% trigger level during the life of the notes, in which case par plus return of least-performing index, up to maximum payout of par
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Initial levels: | 1,397.11 for S&P 500, 830.03 for Russell
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Trigger levels: | 977.98 for S&P 500, 581.02 for Russell, 70% of initial levels
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Call option: | At par on any quarterly interest payment date beginning June 28
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Pricing date: | March 23
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Settlement date: | March 30
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Agent: | Bank of America Merrill Lynch
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Fees: | 2.25%
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Cusip: | 06048WKZ2
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