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Bank of America plans 6.5%-7.5% coupon bearing autocallables on S&P 500
By Susanna Moon
Chicago, March 3 – Bank of America Corp. plans to price 6.5% to 7.5% autocallable coupon bearing notes due April 2017 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly, with the exact rate to be set at pricing.
The notes will be called at par if the index closes at or above its initial level on either of the observation dates, which are in September 2016 and December 2016.
The payout at maturity will be par of $10 unless the index falls, in which case investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
The notes will price and settle in March.
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