By Toni Weeks
San Luis Obispo, Calif., April 2 - Bank of America Corp. priced $27.1 million of 0% market-linked step-up notes due March 29, 2016 linked to the Nikkei Stock Average index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index level is greater than or equal to the initial level on any annual observation date, the notes will be called at par plus an annualized call premium of 10%.
If the index finishes above the step-up value - 121% of the initial level - the payout at maturity will be par of $10 plus the index return.
If the index finishes at or above the initial level but is less than or equal to the step-up value, the payout at maturity will be par of $10 plus the step-up payment of 21%.
Investors will be exposed to any losses if the index declines.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Market-linked step-up notes
|
| Underlying index: | Nikkei Stock Average
|
| Amount: | $27,095,960
|
| Maturity: | March 29, 2016
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index finishes above 121% of initial level, par plus index return; if index finishes at or above initial level but less than or equal to step-up value, par plus 21%; full exposure to any losses
|
| Initial level: | 12,335.96
|
| Step-up value: | 14,926.51, 121% of initial level
|
| Pricing date: | March 28
|
| Settlement date: | April 5
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06053E532
|
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