By Susanna Moon
Chicago, Dec. 2 - Bank of America Corp. priced $31.38 million of 0% autocallable market-linked step-up notes due Nov. 28, 2016 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 8% if the index closes at or above the initial level on either observation date.
If the index finishes above the step-up value - % of the initial value - the payout at maturity will be par plus the index return.
If the index gains up to the step-up value, the payout will be par plus the step-up payment of 31.5%.
Otherwise, investors will be exposed to any losses.
BofA Merrill Lynch is the underwriter.
| Issuer: | Bank of America Corp.
|
| Issue: | Market-linked step-up autocallable notes
|
| Underlying index: | S&P 500
|
| Amount: | $31,382,920
|
| Maturity: | Nov. 28, 2016
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index finishes above step-up value, par plus index return; if index gains by up to step-up value, par plus 31.5%; exposure to any losses
|
| Call: | At par plus 9% annualized if index closes at or above initial level on either observation date
|
| Initial index level: | 1,802.75
|
| Step-up value: | 2,370.62, 131.5% of initial value
|
| Pricing date: | Nov. 26
|
| Settlement date: | Dec. 3
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06053G164
|
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