Published on 6/28/2013 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $6.03 million contingent income autocallables on two indexes
By Marisa Wong
Madison, Wis., June 28 - Bank of America Corp. priced $6.03 million of contingent income autocallable notes due June 28, 2023 linked to the least performing of the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly payment of 2% if each underlying index closes at or above its downside threshold level, 61.5% of the initial level, on the observation date for that quarter.
The notes will be redeemed at par plus the contingent coupon if both indexes close at or above their respective initial levels on any quarterly redemption determination date beginning on June 25, 2014.
If each index finishes at or above the downside threshold level, the payout at maturity will be par plus the contingent quarterly coupon. Otherwise, investors will be fully exposed to any losses of the least performing index.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Contingent income autocallable notes
|
| Underlying indexes: | S&P 500 index and the Euro Stoxx 50 index
|
| Amount: | $6,025,000
|
| Maturity: | June 28, 2023
|
| Coupon: | Contingent quarterly payment of 2% if each underlying index closes at or above downside threshold level on observation date for that quarter
|
| Price: | Variable
|
| Payout at maturity: | If each index finishes at or above downside threshold level, par plus contingent quarterly coupon; otherwise, full exposure to any losses of least performing index
|
| Call: | Automatically at par plus contingent coupon if both indexes close at or above their respective initial levels on any quarterly redemption determination date beginning on June 25, 2014
|
| Initial levels: | 1,588.19 for S&P 500, 2,586.45 for Euro Stoxx 50
|
| Downside threshold levels: | 976.74 for S&P 500, 1,590.67 for Euro Stoxx 50
|
| Pricing date: | June 25
|
| Settlement date: | June 28
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 4.05%
|
| Cusip: | 06048WNY2
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
