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Bank of America to price fixed-to-floaters linked to 10-year CMS rate
By Marisa Wong
Morgantown, W.Va., Oct. 20 – Bank of America Corp. plans to price fixed-to-floating-rate notes due Oct. 30, 2025 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be fixed at 3.5% for the first three years. After that, the interest rate will be equal to the 10-year CMS rate, subject to a minimum rate of zero. Interest will be payable quarterly.
The payout at maturity will be par.
BofA Merrill Lynch is the underwriter.
The notes will settle on Oct. 30.
The Cusip number is 06048WRV4.
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