Published on 6/2/2015 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $10.98 million 9.66% coupon-bearing autocallables on Facebook
By Toni Weeks
San Luis Obispo, Calif., June 2 – Bank of America Corp. priced $10.98 million of autocallable coupon-bearing notes due June 10, 2016 linked to the common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at the rate of 9.66% per year.
The notes will be automatically called at par plus the coupon if the stock closes at or above the initial stock price on Nov. 20 or Feb. 19, 2016.
If the notes are not called and the final price of Facebook stock is greater than or equal to the initial price, the payout at maturity will be par of $10. Investors will be fully exposed to any losses.
BofA Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
|
Issue: | Autocallable coupon-bearing notes
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Underlying stock: | Facebook, Inc. (Symbol: FB)
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Amount: | $10,976,070
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Maturity: | June 10, 2016
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Coupon: | 9.66%, payable quarterly
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Price: | Par
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Payout at maturity: | If stock finishes at or above initial value, par; otherwise, exposure to losses
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Call: | At par plus coupon if stock closes at or above initial level on Nov. 20 or Feb. 19, 2016
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Initial price: | $80.38
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Pricing date: | May 28
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Settlement date: | June 4
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Agent: | BofA Merrill Lynch
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Fees: | 1.25%
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Cusip: | 06053W417
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