By Jennifer Chiou
New York, Sept. 29 – Bank of America Corp. priced $26,458,300 of 0% autocallable market-linked step-up notes due Sept. 23, 2016 tied to the S&P Oil & Gas Exploration and Production Select Industry index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus a $1.00 premium if the index's closing level is greater than or equal to the initial level on Oct. 2, 2015.
If the index finishes above the step-up value - 133% of the initial value - 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 value, the payout will be par plus the step-up payment of 33%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Autocallable market-linked step-up notes
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Underlying index: | S&P Oil & Gas Exploration and Production Select Industry index
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Amount: | $26,458,300
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Maturity: | Sept. 23, 2016
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index finishes above step-up value, par plus index return; if index stays flat or gains but finishes at or below step-up value, par plus 33%; exposure to losses
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Call: | Automatically at par plus a 10% premium if the index's closing level is greater than or equal to the initial level on Oct. 2, 2015
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Initial index level: | 10,524.12.09
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Step-up value: | 13,997.08, 133% of initial value
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Pricing date: | Sept. 25
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Settlement date: | Oct. 2
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Underwriter: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 06053M500
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