Published on 6/22/2023 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $5.5 million floating-rate notes due 2032 on SOFR ICE swap rate
By Wendy Van Sickle
Columbus, Ohio, June 22 – Bank of America Corp. priced $5.5 million of floating-rate notes due June 8, 2026 linked to the one-year U.S. dollar SOFR ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be equal to the swap rate plus 85 basis points, subject to a floor of 0% per annum. Interest will be payable monthly.
BofA Securities, Inc. is the underwriter.
| Issuer: | Bank of America Corp.
|
| Issue: | Floating-rate notes
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| Underlying index: | One-year U.S. dollar SOFR ICE swap rate
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| Amount: | $5.5 million
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| Maturity: | June 8, 2026
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| Coupon: | Swap rate plus 85 bps, subject to a floor of 0% per annum; payable monthly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | June 6
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| Settlement date: | June 8
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 0.52%
|
| Cusip: | 06055JBJ7
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