Published on 9/30/2013 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $43.76 million market-linked step-up notes tied to S&P 500
By Marisa Wong
Madison, Wis., Sept. 30 - Bank of America Corp. priced $43.76 million of 0% market-linked step-up notes due Sept. 25, 2015 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above the step-up level, 113.52% of the initial level, the payout at maturity will be par plus the index return.
If the index return is zero or positive but the index finishes at or below the step-up level, the payout will be par plus the step-up payment of 13.52%.
Investors will be fully exposed to any index decline.
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 index: | S&P 500 index
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Amount: | $43,762,870
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Maturity: | Sept. 25, 2015
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index finishes above step-up level, par plus index return; if index is flat or increases up to step-up level, par plus 13.52%; full exposure to any index decline
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Initial index level: | 1,698.67
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Step-up level: | 1,928.33, 113.52% of initial level
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Pricing date: | Sept. 26
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Settlement date: | Oct. 4
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Underwriter: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 06053F596
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