Bank of America plans six-year protected Mitts linked to the Dow

By Toni Weeks

San Luis Obispo, Calif., Aug. 3 – Bank of America Corp. plans to price 0% Market Index Target-Term Securities due August 2021 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus any index gain, up to a maximum return of 30% to 40%. The exact cap will be set at pricing.

If the index falls, the payout will be par.

The final index value will be the average of the closing index values on five days shortly before maturity.

BofA Merrill Lynch is the agent.

The notes will price and settle in August.

© 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.