BofA plans fixed-to-floaters due 2028 tied to 10-year ICE swap rate

By Sarah Lizee

Olympia, Wash., Nov. 21 – Bank of America Corp. plans to price priced fixed- to floating-rate notes due Nov. 28, 2028 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be fixed at 5.2% for the first three years. Beginning on Nov. 28, 2021, interest will be equal to the 10-year U.S. dollar ICE swap rate. Interest will be payable quarterly and cannot be less than zero.

The notes are noncallable.

The payout at maturity will be par.

BofA Merrill Lynch is the agent.

The notes will price on Nov. 26 and settle on Nov. 28.

The Cusip number is 06048WYF1.

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