Bank of America plans floaters on Consumer Price Index with 8% cap

By Susanna Moon

Chicago, June 22 - Bank of America Corp. plans to price floating-rate notes due July 7, 2021 linked to the Consumer Price Index, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 5% for the first year. After that, the rate will be the year-over-year change in the Consumer Price Index plus 175 basis points, up to a maximum rate of 8%. Interest is payable monthly and cannot be less than zero.

The payout at maturity will be par.

Bank of America Merrill Lynch is the agent.

The notes are expected to settle on July 7.

The Cusip is 06048WGN4.

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