By Angela McDaniels
Tacoma, Wash., July 30 - Bank of America Corp. priced $30.76 million of 0% market-linked step-up notes due July 24, 2015 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the step-up value, the payout at maturity will be par of $10 plus the index return. The step-up value is 126.75% of the initial index level.
If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus 26.75%.
Investors will be exposed to the index decline if the final index level is less than the initial level.
Bank of America Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
|
Issue: | Market-linked step-up notes
|
Underlying index: | S&P 500
|
Amount: | $30,762,820
|
Maturity: | July 24, 2015
|
Coupon: | 0%
|
Price: | Par of $10
|
Payout at maturity: | If final index level is greater than step-up value, par plus index return; if final index level is greater than or equal to initial level but less than or equal to step-up value, par plus 26.75%; full exposure to any index decline
|
Initial level: | 1,360.02
|
Step-up value: | 1,723.83, 126.75% of initial level
|
Pricing date: | July 26
|
Settlement date: | Aug. 2
|
Agent: | Bank of America Merrill Lynch
|
Fees: | 2%
|
Cusip: | 06051R550
|
© 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.