Published on 9/4/2012 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $10.56 million Mitts linked to Chinese renminbi
By Marisa Wong
Madison, Wis., Sept. 4 - Bank of America Corp. priced $10.56 million of 0% Currency Market Index Target-Term Securities due Aug. 27, 2015 linked to the Chinese renminbi/dollar exchange rate measure, which represents a long position in the renminbi relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus 251% of any increase in the value of the exchange rate measure. If the value of the exchange rate measure decreases, the payout will be par.
Bank of America Merrill Lynch is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Currency Market Index Target-Term Securities
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Underlying currency: | Chinese renminbi relative to dollar
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Amount: | $10,555,090
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Maturity: | Aug. 27, 2015
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Coupon: | 0%
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Price: | Par of $10.00
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Payout at maturity: | Par plus 251% of any increase in value of exchange rate measure; if value of exchange rate measure decreases, par
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Initial exchange rate: | 6.3435 renminbi per dollar
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Pricing date: | Aug. 30
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Settlement date: | Sept. 7
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Underwriter: | Bank of America Merrill Lynch
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Fees: | 2%
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Cusip: | 06053D203
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