Published on 8/3/2015 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $5.84 million 6.51% autocallables linked to Honeywell
By Angela McDaniels
Tacoma, Wash., Aug. 3 – Bank of America Corp. priced $5.84 million of 6.51% autocallable coupon-bearing notes due Aug. 12, 2016 linked to the common stock of Honeywell International Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be automatically called at par of $10 if Honeywell stock closes at or above the call level, 100% of the initial share price, on Jan. 15, 2016 or April 15, 2016.
If the notes are not called and the final share price is greater than or equal to the initial share price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the stock’s decline.
BofA Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
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Issue: | Autocallable coupon-bearing notes
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Underlying stock: | Honeywell International Inc. (NYSE: HON)
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Amount: | $5,836,130
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Maturity: | Aug. 12, 2016
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Coupon: | 6.51%, payable quarterly
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Price: | Par of $10.00
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Payout at maturity: | If notes are not called and final share price is greater than or equal to initial share price, par; otherwise, full exposure to stock’s decline
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Call: | Automatically at par if Honeywell stock closes at or above call level, 100% of initial share price, on Jan. 15, 2016 or April 15, 2016
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Initial share price: | $105.42 (volume-weighted average price on pricing date)
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Pricing date: | July 30
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Settlement date: | Aug. 6
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Agent: | BofA Merrill Lynch
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Fees: | 1.25%
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