By Devika Patel
Knoxville, Tenn., Nov. 29 – Bank of America Corp. priced $3.26 million of 0% autocallable market-linked step-up notes due Nov. 26, 2018 linked to the PHLX Housing Sector index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par of $10 plus a 9% call premium if the index closes at or above the initial index level on Dec. 1, 2017.
If the notes are not called and the final index level is greater than the step-up value, 120% of the initial index level, the payout at maturity will be par plus the index return.
If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment, 20%.
If the final index level is less than the initial level, investors will have one-to-one exposure to the decline.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | PHLX Housing Sector
|
| Amount: | $3,255,310
|
| Maturity: | Nov. 26, 2018
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If final index level is greater than step-up value, par plus index return; if final index level is greater than or equal to initial level but less than or equal to step-up value, par plus 20%; 1% loss for each 1% decline
|
| Call: | At par plus 9% call premium if index closes at or above initial index level on Dec. 1, 2017
|
| Initial index level: | 240.75
|
| Step-up value: | 288.90, 120% of initial level
|
| Pricing date: | Nov. 22
|
| Settlement date: | Nov. 30
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06054B719
|
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