Published on 6/2/2016 in the Prospect News Structured Products Daily.
New Issue: Bank of America sells $16.4 million 6.5% coupon notes tied to Microsoft
By Susanna Moon
Chicago, June 2 – Bank of America Corp. priced $16.44 million of 6.5% coupon bearing notes due June 16, 2017 linked to Microsoft Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The payout at maturity will be par of $10 unless Microsoft shares fall by more than 5%, in which case investors will be exposed to losses beyond 5%.
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: | Microsoft Corp. (Symbol: MSFT)
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Amount: | $16,444,640
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Maturity: | June 16, 2017
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Coupon: | 6.5%, payable quarterly
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Price: | Par of $10
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Payout at maturity: | Par unless Microsoft shares fall by more than 5%, in which case exposure to losses beyond 5%
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Initial price: | $51.73
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Pricing date: | May 26
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Settlement date: | June 3
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Agent: | Bank of America Merrill Lynch
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Fees: | 1.75%
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Cusip: | 06054B149
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