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Bank of America plans 15-year callable range accrual notes on S&P 500
By Susanna Moon
Chicago, Nov. 7 - Bank of America plans to price callable range accrual notes due November 2026 linked to the S&P 500 index, according to an FWP with the Securities and Exchange Commission.
The coupon will be 10.5% to 11% for the first year. After that, it will accrue at 10.5% to 11% for each day that the index closes at or above 75% of the initial level. The exact rates will be set at pricing. Interest is payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after one year.
Bank of America Merrill Lynch is the underwriter.
The notes will price and settle in November.
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