Published on 10/29/2012 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $24.03 million market-linked step-up autocallables on S&P 500
By Susanna Moon
Chicago, Oct. 29 - Bank of America Corp. priced $24.03 million of autocallable market-linked step-up notes due Oct. 23, 2015 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above the initial level on either call observation date, the notes will be called at par of $10 plus a call premium of 8.5% per year.
If the index finishes at or above the step-up value - 147.05% of the initial level - the payout at maturity will be par of $10.00 plus any index gain.
If the index finishes below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 47.05%.
Investors will receive par if the index falls by up to 5% and will be fully exposed to any losses if the index falls below the 95% threshold level.
Bank of America Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P 500
|
| Amount: | $24,032,810
|
| Maturity: | Oct. 23, 2015
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If index finishes above step-up value, par plus return; if falls but not more than step-up value, par plus 47.05%; par if index falls by up to 5%; full exposure to any losses if index falls below trigger
|
| Call: | If index closes at or above initial level on call observation date, the notes will be called at par of $10 plus a premium of $0.85 if called on Nov. 1, 2013 and $1.70 if called on Oct. 17, 2014
|
| Initial level: | 1,412.97
|
| Step-up value: | 2,077.77, 147.05% of initial value)
|
| Threshold value: | 1,342.32, 95% of initial level
|
| Pricing date: | Oct. 25
|
| Settlement date: | Nov. 2
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06053D658
|
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