By Susanna Moon
Chicago, Dec. 5 - Bank of America priced $1.5 million of autocallable notes due Dec. 9, 2013 linked to Google Inc. and JPMorgan Chase & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes at or above 60% of its initial price on any quarterly observation date, the notes will pay a conditional coupon payment of $0.525 for each $10.00 note.
If each stock closes at or above the initial share price on any quarterly determination date, the notes will be redeemed at par plus the conditional coupon payment.
If the notes are not called and each stock finishes at or above the threshold value - 80% of initial price - the payout at maturity will be par plus the conditional coupon payment.
Otherwise, investors will lose 1% for every 1% decline of the worst-performing stock beyond 20%.
Bank of America Merrill Lynch will be the underwriter.
| Issuer: | Bank of America
|
| Issue: | Autocallable notes
|
| Underlying stocks: | Google Inc. and JPMorgan Chase & Co.
|
| Amount: | $1.5 million
|
| Maturity: | Dec. 9, 2013
|
| Coupon: | $0.525 per note if each stock closes at or above 60% of initial price on quarterly observation date
|
| Price: | Par of $10
|
| Payout at maturity: | If either stock finishes below 80% of initial price during life of notes, par plus the return of the worst-performing index, floor of 20%; otherwise, par
|
| Call: | At par if both indexes close at or above their initial levels on quarterly date
|
| Pricing date: | Dec. 1
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| Settlement date: | Dec. 8
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 1.25%
|
| Cusip: | 06051P323
|
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