By Susanna Moon
Chicago, Oct. 10 - Bank of America Corp. priced $5 million of capped notes due Oct. 10, 2033 linked to the 30-year Constant Maturity Swap rate and the five-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 10% for the first year. After that, it will accrue at 4.5 times the spread of 30-year CMS rate over the five-year CMS rate, up to a maximum rate of 10%. Interest is payable quarterly and cannot be less than year.
The payout at maturity will be par.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Capped notes
|
| Underlyings: | 30-year and five-year Constant Maturity Swap rates
|
| Amount: | $5 million
|
| Maturity: | Oct. 10, 2033
|
| Coupon: | 10% for one year; after that, at 4.5 times the spread of 30-year CMS rate over the five-year CMS rate, capped at 10%; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | Oct. 8
|
| Settlement date: | Oct. 10
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 3.625%
|
| Cusip: | 06048WPF1
|
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