Published on 9/28/2015 in the Prospect News Structured Products Daily.
New Issue: BofA prices $42.26 million market-linked step-up notes on S&P 500
By Marisa Wong
Morgantown, W.Va., Sept. 28 – Bank of America Corp. priced $42.26 million of market-linked step-up notes due Sept. 22, 2017 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 – 116.26% of the initial value – the payout at maturity will be par plus the index return.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 16.26%.
Otherwise, investors will be fully exposed to any losses.
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
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Amount: | $42,261,544.25
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Maturity: | Sept. 22, 2017
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If the index finishes above the step-up level, par plus the index return; if the index gains by up to the step-up level, par plus the step-up payment of 16.26%; otherwise, investors will be fully exposed to any losses
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Initial level: | 1,932.24
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Step-up level: | 2,246.42, 116.26% of initial level
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Pricing date: | Sept. 24
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Settlement date: | Oct. 1
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Underwriters: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 06053W706
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