Published on 11/2/2015 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $135.26 million market-linked step-up notes on Euro Stoxx 50
New York, Nov. 2 – Bank of America Corp. priced $135.26 million of 0% autocallable market-linked step-up notes due Oct. 26, 2018 tied to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a call premium of 11.5% per year if the index rises above its starting value on either of the annual observation dates.
If the index finishes above the step-up level – 130% of the initial value – the payout at maturity will be par plus the index return.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 30%.
Otherwise, investors will be fully exposed to any losses.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
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| Issue: | Market-linked step-up notes
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| Underlying index: | Euro Stoxx 50
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| Amount: | $135,262,390
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| Maturity: | Oct. 26, 2018
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If index finishes above step-up level, par plus gain; if index gains up to step-up value, par plus 30%; exposure to any losses
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| Initial level: | 3,413.39
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| Step-up level: | 4,437.41, 130% of initial level
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| Call: | Automatically at par plus 15% if index finishes above initial level on Nov. 4, 2016, at par plus 23% if index finishes above initially level on Oct. 20, 2017
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| Pricing date: | Oct. 29
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| Settlement date: | Nov. 5
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| Underwriters: | BofA Merrill Lynch
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| Fees: | 2%
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| Cusip: | 06053Y140
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