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Bank of America to price barrier step-up notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Sept. 4 – Bank of America Corp. plans to price 0% barrier step-up notes due Sept. 27, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the step level, the payout at maturity will be par plus the index return. The step level will be at least 156.5% of the initial index level.
If the final index level is greater than or equal to the initial level but less than or equal to the step level, the payout will be par plus the step payment, which will be at least 56.5%.
If the index decreases by less than 30%, the payout will be par.
If the index decreases by 30% or more, investors will be fully exposed to the index’s decline from its initial level.
The exact terms will be set at pricing.
BofA Merrill Lynch is the agent.
The notes will price Sept. 18 and settle Sept. 25.
The Cusip number is 06048WRQ5.
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