New Issue: Bank of America prices $17.53 million market-linked step up notes linked to S&P 500

By Marisa Wong

Madison, Wis., June 3 – Bank of America Corp. priced $17.53 million of 0% market-linked step up notes due May 26, 2017 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above the step-up value – 110.2% of the initial level – the payout at maturity will be par of $10 plus the index gain.

If the index finishes at or above the initial level but at or below the step-up value, the payout at maturity will be par of $10 plus the step-up payment of 10.2%.

Investors will be exposed to any losses.

BofA Merrill Lynch is the underwriter.

Issuer:	Bank of America Corp.
Issue:	Market-linked step up notes
Underlying index:	S&P 500
Amount:	$17,534,890
Maturity:	May 26, 2017
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index finishes above step-up value, par plus index gain; if index finishes at or above initial level but at or below step-up value, par plus 10.2%; full exposure to any losses
Initial index level:	2,120.79
Step-up value:	2,337.11, 110.2% of initial level
Pricing date:	May 28
Settlement date:	June 4
Underwriter:	BofA Merrill Lynch
Fees:	2%
Cusip:	06053W383

© 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.