E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 9/23/2015 in the Prospect News Structured Products Daily.

New Issue: Bank of America prices $1.21 million autocallables linked to S&P 500, oil & gas ETF

By Angela McDaniels

Tacoma, Wash., Sept. 23 – Bank of America Corp. priced $1.21 million of 0% autocallable notes due Sept. 25, 2019 linked to the lesser performing of the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at par plus a call premium if each underlying component closes at or above its initial level on Sept. 19, 2016, Sept. 18, 2017, Sept. 18, 2018 or Sept. 18, 2019. The call premium is 18.75% per year.

If the notes are not called and the final level of each underlying component is greater than its downside threshold level, 70% of its initial level, the payout at maturity will be par plus 10%. Otherwise, investors will be fully exposed to the decline of the lesser-performing underlying component.

BofA Merrill Lynch is the agent.

Issuer:Bank of America Corp.
Issue:Autocallable notes
Underliers:S&P 500 index and SPDR S&P Oil & Gas Exploration & Production ETF
Amount:$1,205,000
Maturity:Sept. 25, 2019
Coupon:0%
Price:Par
Payout at maturity:If notes are not called and final level of each underlying component is greater than downside threshold level, par plus 10%; otherwise, full exposure to decline of lesser-performing underlying component
Call:Automatically at par plus 18.75% per year if each underlying component closes at or above initial level on Sept. 19, 2016, Sept. 18, 2017, Sept. 18, 2018 or Sept. 18, 2019
Initial levels:1,958.03 for index and $35.13 for ETF
Threshold levels:1,370.62 for index and $24.59 for ETF; 70% of initial level
Pricing date:Sept. 18
Settlement date:Sept. 25
Underwriter:BofA Merrill Lynch
Fees:2.12%
Cusip:06048WRN2

© 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.