By Jennifer Chiou
New York, April 2 - Bank of America Corp. priced $9,718,550 of 0% currency-linked step-up notes due March 27, 2015 linked to a basket of Asian currencies relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes equal weights of the Indian rupee and the Chinese renminbi.
If the basket finishes above the step-up value - 132.55% of the initial value - the payout at maturity will be par plus the basket return.
If the basket return is zero or positive and the basket finishes at or below the step-up value, the payout will be par plus a step-up payment of $3.255 per $10.00 par note.
Investors will be exposed to losses of up to 10% and will receive a minimum payment of $9.00 per note if the basket declines by more than 10%.
Bank of America Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Currency-linked step-up notes
|
| Underlying currencies: | Indian rupee and Chinese renminbi, equally weighted
|
| Amount: | $9,718,550
|
| Maturity: | March 27, 2015
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If basket finishes above step-up value, par plus basket return; if basket gains or finishes flat and final level is at or below step-up value, par plus $3.255 per note; exposure to losses of up to 10%; minimum payment of $9.00 per note
|
| Initial spot rates: | 51.145 for rupee and 6.2932 for renminbi
|
| Pricing date: | March 29
|
| Settlement date: | April 5
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06051P703
|
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