Published on 3/3/2016 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $10.12 million 8.25% notes linked to DuPont
By Marisa Wong
Morgantown, W.Va., March 3 – Bank of America Corp. priced $10.12 million of 8.25% coupon bearing notes due March 10, 2017 linked to the common stock of E.I. du Pont de Nemours and Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If DuPont shares finish at or above the threshold level – 95% of the initial level – the payout at maturity will be par of $10. Otherwise, investors will be exposed to any decline below the threshold level.
Bank of America Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
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Issue: | Coupon bearing notes
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Underlying stock: | E.I. du Pont de Nemours and Co.
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Amount: | $10,124,970
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Maturity: | March 10, 2017
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Coupon: | 8.25%, payable quarterly
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Price: | Par of $10
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Payout at maturity: | If DuPont shares finish at or above threshold level, par; otherwise, 1% loss for every 1% decline beyond 5%
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Initial price: | $59.71
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Threshold level: | $56.72, 95% of initial price
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Pricing date: | Feb. 25
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Settlement date: | March 3
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Agent: | Bank of America Merrill Lynch
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Fees: | 1.75%
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Cusip: | 06053Y553
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