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RULE NO. 424(b)(3)
REGISTRATION NO. 333-44173
PRICING SUPPLEMENT
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(TO PROSPECTUS DATED JANUARY 29, 1998 AND PROSPECTUS SUPPLEMENT DATED MARCH 12,
1998)
$100,000,000
AGGREGATE PRINCIPAL AMOUNT
MERRILL LYNCH & CO., INC.
MEDIUM-TERM NOTES, SERIES B
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
CALLABLE ZERO COUPON NOTES DUE MAY 21, 2018
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Aggregate Principal Amount
at Stated Maturity: $100,000,000
Price to Public: $250.00 per $1,000 principal amount at stated maturity
of the Notes ("Issue Price")
Original Issue Date: March 27, 1998
Stated Maturity: May 21, 2018
Interest Rate: 0% per annum
Yield to Stated Maturity: 7% per annum (on a semi-annual bond equivalent basis)
Interest Payment Dates: Accrued Original Issue Discount will be paid upon
maturity or upon the occurrence of an Event of Default,
as described below.
Optional Redemption Date: March 27, 2003
Redemption Price: 35.265% of the principal amount
Form: Book-Entry Note
Other Provisions: Notwithstanding any other provision contained in
the Notes offered hereby, if an Event of Default
(as defined in the 1993 Indenture) with respect to
the Notes shall occur and be continuing and the
principal of all the Notes is declared due and
payable in the manner and with the effect provided
in the Indenture, "principal" with respect to the
Notes in determining any amount then declared due
and payable shall mean the Issue Price of the Note
plus Original Issue Discount accrued at 7% per
annum from the Original Issue Date to the date of
acceleration (calculated on a semi-annual bond
equivalent basis using a 360-day year composed of
twelve 30-day months). Original Issue Discount
shall equal $750 per $1,000 principal amount at
stated maturity of the Notes.
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The Pricing Supplement relates to $100,000,000 aggregate principal amount at
stated maturity of the Notes which the Company has agreed to sell to Merrill
Lynch, Pierce, Fenner & Smith Incorporated (the "Underwriter"), and which the
Underwriter has agreed to purchase from the Company, at a price of 24.375% of
the principal amount thereof. The Underwriter has advised the Company that it
proposes initially to offer the Notes to the public at the Price to Public
specified above. The Underwriter may sell Notes to certain dealers less a
selling concession not in excess of .4375% of the principal amount of Notes.
After the initial public offering, the Price to Public and concession may be
changed.
________________________________
MERRILL LYNCH & CO.
________________________________
The date of this Pricing Supplement is March 18, 1998
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DESCRIPTION OF NOTES
GENERAL
The Medium-Term Notes, Series B of Merrill Lynch & Co., Inc. (the "Company")
offered hereby are "Callable Zero Coupon Notes due May 21, 2018" and are
referred to in this Pricing Supplement as the "Notes". The Notes are Fixed Rate
Notes as described in the accompanying Prospectus Supplement dated March 12,
1998. Certain provisions of the Notes and terms used herein are more fully
described in the accompanying Prospectus and Prospectus Supplement.
Notwithstanding the provisions contained in the Prospectus Supplement dated
March 12, 1998, attached hereto, the Company may redeem the Notes in whole only
on March 27, 2003 (the "Optional Redemption Date"), upon notice given not more
than 60 nor less than 30 days prior to the Optional Redemption Date, at a
Redemption Price equal to the Principal Amount at stated maturity of the Notes
multiplied by 35.265%.
INTEREST AND ORIGINAL ISSUE DISCOUNT
The Notes pay no interest and have been issued at a price that is a discount
from the principal amount. Accrued Original Issue Discount will be paid upon
maturity or upon the occurrence of an Event of Default, as described below.
Notwithstanding any other provision contained in the Notes offered hereby, if an
Event of Default (as defined in the 1993 Indenture) with respect to the Notes
shall occur and be continuing and the principal of all the Notes is declared due
and payable in the manner and with the effect provided in the Indenture,
"principal" with respect to the Notes in determining any amount then declared
due and payable shall mean the Issue Price of this Note plus Original Issue
Discount accrued at 7% per annum from the Original Issue Date to the date of
acceleration (calculated on a semi-annual bond equivalent basis using a 360-day
year composed of twelve 30-day months). Issue Price shall equal $250 per $1,000
principal amount at stated maturity of the Notes and Original Issue Discount
shall equal $750 per $1,000 principal amount at stated maturity of the Notes.
The following table shows the Issue Price of the Notes plus the amount of
accrued Original Issue Discount per $1,000 principal amount of the Notes through
December 31, or May 21 in the case of the year 2018, of each of the year
indicated below (calculated on a semi-annual bond equivalent basis using a 360-
day year composed of twelve 30-day months). The table below assumes that the
Company does not redeem the Notes on the Optional Redemption Date.
1998 $263.42 2009 $ 561.48
1999 $282.18 2010 $ 601.47
2000 $302.28 2011 $ 644.31
2001 $323.81 2012 $ 690.20
2002 $346.87 2013 $ 739.36
2003 $371.58 2014 $ 792.02
2004 $398.04 2015 $ 848.43
2005 $426.39 2016 $ 908.86
2006 $456.76 2017 $ 973.50
2007 $489.30 2018 $1,000.00
2008 $524.15
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ADDITIONAL RISK FACTORS
In addition to the risks described in "Risk Factors" in the accompanying
Prospectus Supplement dated March 12, 1998, an investor should consider that the
prices at which zero-coupon instruments, such as the Notes, trade in the
secondary market tend to fluctuate more in relation to general changes in
interest rates than do such prices for conventional interest-bearing securities
with comparable maturities. Generally, the longer the remaining term of such
instruments, the greater the price volatility as compared with that for
conventional interest-bearing securities with comparable maturities.
The ability of the Company to redeem the Notes prior to their stated
maturity might adversely affect the market value of the Notes relative to the
market value of comparable zero-coupon debt securities of the Company without an
early redemption provision. In particular, as the Optional Redemption Date
approaches, the market value of the Notes generally will not exceed the
Redemption Price. Since the Company may be expected to redeem the Notes when
prevailing interest rates are relatively low, an investor might not be able to
reinvest the redemption proceeds at an effective interest rate as high as the
interest yield realized on the Notes implicit in the accrual of the Original
Issue Discount. Prospective investors must be able to bear the occurrence of
redemption and the related risks pertaining to an investment in the Notes.
CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
Although the Notes do not provide for current payments of interest,
beneficial owners of the Notes will be required to include original issue
discount into income over the term of the Notes. See "Certain United States
Federal Income Tax Considerations" in the accompanying Prospectus Supplement
dated March 12, 1998 for a discussion of the tax consequences of investing in
the Notes.
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