By Susanna Moon
Chicago, July 28 – Bank of America Corp. priced $12.27 million of 0% step-up notes due July 29, 2016 linked to a basket of equally weighted emerging market currencies relative to the euro, according to a 424B2 filing with the Securities and Exchange Commission.
The underlying currencies are Chinese renminbi, the Indian rupee and the Russian ruble.
If the basket finishes at or above the step-up value – 121.25% of the initial level – the payout at maturity will be par plus the basket return.
If the basket finishes below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 21.25%.
Investors will receive par if the basket falls by up to 10% and will be exposed to any losses beyond 10%.
BofA Merrill Lynch is the underwriter.
Issuer: | Bank of America Corp.
|
Issue: | Currency-linked step-up notes
|
Underlying basket: | Chinese renminbi, the Indian rupee and the Russian ruble relative to the euro
|
Amount: | $12,265,410
|
Maturity: | July 29, 2016
|
Coupon: | 0%
|
Price: | Par of $10
|
Payout at maturity: | If basket finishes at or above step level, par plus return; if basket gains by up to step-up level, par plus step-up return of 21.25%; par if basket falls by up to 10%; exposure to losses beyond 10%
|
Initial level: | 8.2941 for the Chinese renminbi, 80.8167 for the Indian rupee and 47.1645 for the Russian ruble
|
Step level: | 121.25% of initial level
|
Threshold level: | 90% of initial levels
|
Pricing date: | July 24
|
Settlement date: | July 31
|
Agent: | BofA Merrill Lynch
|
Fees: | 1.75%
|
Cusip: | 06053M385
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.