Published on 3/17/2022 in the Prospect News Structured Products Daily.
New Issue: BofA prices $3.3 million capped fixed-to-floaters linked to SOFR
By Wendy Van Sickle
Columbus, Ohio, March 17 – Bank of America Corp. priced $3.3 million of capped fixed- to floating-rate notes due Feb. 16, 2027 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2% initially, payable quarterly for the first two years. Beginning Feb. 16, 2023, the interest rate will be equal to SOFR plus 65 basis points, capped at 3.5% and with a floor of 0%. Interest will be payable quarterly.
The payout at maturity will be par.
BofA Securities, Inc. is the agent.
Issuer: | Bank of America Corp.
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Issue: | Capped fixed- to floating-rate notes
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Underlying rate: | SOFR
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Amount: | $3.3 million
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Maturity: | Feb. 16, 2027
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Coupon: | 2% initially, payable quarterly; beginning Feb. 16, 2023, SOFR plus 65 bps, capped at 3.5% and with a floor of 0%
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Feb. 14
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Settlement date: | Feb. 16
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Agent: | BofA Securities, Inc.
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Fees: | 0.2%
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Cusip: | 06048WS50
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