Business: Bank of America Corp, 6.45% Income Capital Obligation Notes ICONS due 12/15/2066 issued in $25 denominations, redeemable at the issuer's option on or after 12/15/2011 at $25 per note plus accrued and unpaid interest, and maturing 12/15/2066.<p> Interest distributions of 6.45% per annum ($1.6125 per annum or $0.403125 per quarter) will be paid quarterly on 3/15, 6/15, 9/15, & 12/15 to holders of record on the record date that will be the date preceding the payment date (NOTE: the ex-dividend date is one business day prior to the record date). <p> Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> On each of 12/15/2016 and on 12/15/2026 the Company may, at its sole option, elect to extend the Stated Maturity of the principal of the ICONs for an additional ten years. If the Company shall have made one or more Maturity Extension Elections, then the ICONs shall bear interest at the Three-Month LIBOR Rate plus 132.7 basis points (1.327%), reset quarterly, during the period commencing on and including 12/15/2066 to but excluding the Stated Maturity of the principal of the ICONs or any earlier date of redemption of the ICONs. <p> The issuer may elect to defer the interest payable on the Notes on one or more occasions for up to 40 consecutive quarters (see prospectus for further information). <p> Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. <p> This security was rated as Baa1 by Moody’s and BBB+ by S&P at the date of its IPO. The Notes are unsecured, junior subordinated obligations of the company and will rank equally with all existing and future unsecured, subordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.