Published on 8/6/2008 in the Prospect News Structured Products Daily.
New Issue: Merrill sells $42.6 million Accelerated Return Bear Market Notes linked to Russell 3000
By Jennifer Chiou
New York, Aug. 6 - Merrill Lynch & Co., Inc. priced a $42.6 million issue of 0% Accelerated Return Bear Market Notes due Oct. 2, 2009 linked to the Russell 3000 index, according to a 424B3 filing with the Securities and Exchange Commission.
Payout at maturity will be par plus five times the absolute value of any decrease on the index. The return will be capped at $11.75 per $10.00 note. If the index increases, investors will receive par for gains up to 10% and will lose 1% for each 1% index gain beyond 10%.
Merrill Lynch & Co. and First Republic Securities Co., LLC are the underwriters.
Issuer: | Merrill Lynch & Co., Inc.
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Issue: | Accelerated Return Bear Market Notes
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Underlying index: | Russell 3000
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Amount: | $42.6 million
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Maturity: | Oct. 2, 2009
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Coupon: | 0%
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Price: | Par of $10.00
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Payout at maturity: | Par plus five times the absolute value of any decrease on the index, capped at $11.75 per $10.00 principal amount; par for gains up to 10%; investors will lose 1% for each 1% index gain beyond 10%
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Starting index level: | 750.43
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Pricing date: | July 30
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Settlement date: | Aug. 8
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Underwriters: | Merrill Lynch & Co., First Republic Securities Co., LLC
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Fees: | 2%
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Listing: | Amex: BFN
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