By Toni Weeks
San Luis Obispo, Calif., Dec. 3 - Bank of America Corp. priced $13.91 million of 0% market-linked step-up notes due Nov. 27, 2017 tied to a basket of two indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the S&P 500 index and the Russell 2000 index, each one weighted 50%.
If the basket finishes above the step-up level, 128% of the initial level, the payout at maturity will be par plus the gain.
If the basket finishes at or above the initial level but up to the step-up level, the payout will be par plus the step-up payment of 28%.
Investors will receive par if the basket falls by up to 5% and will be exposed to losses beyond 5%.
BofA Merrill Lynch is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Market-linked step-up notes
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Underlying basket: | S&P 500 index (50% weight) and Russell 2000 index (50% weight).
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Amount: | $13,912,200
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Maturity: | Nov. 27, 2017
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If basket finishes above step-up level, par plus gain; if basket finishes at or above initial level but up to the step-up level, par plus 28%; par if basket falls by up to 5%; exposure to losses beyond 5%
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Pricing date: | Nov. 26
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Settlement date: | Dec. 3
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Underwriter: | BofA Merrill Lynch
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Fees: | 2.5%
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Cusip: | 06053G321
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