Published on 5/19/2014 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $18.5 million Accelerated Return Notes on S&P Oil & Gas index
New York, May 19 - Bank of America Corp. priced $18.5 million of 0% Accelerated Return Notes due July 31, 2015 tied to the S&P Oil & Gas Exploration and Production Select Industry index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 300% of the index return, subject to a maximum payout of par plus 16.59%. Investors will lose 1% for every 1% decline in the index.
Merrill Lynch & Co. is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Accelerated Return Notes
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Underlying index: | S&P Oil & Gas Exploration and Production Select Industry index
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Amount: | $18,498,980
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Maturity: | July 31, 2015
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index return is positive, par plus 300% of index return, subject to maximum payout of par plus 16.59%; 1% loss for every 1% decline
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Initial index level: | 11,260.33
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Pricing date: | May 15
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Settlement date: | May 22
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Underwriters: | Merrill Lynch & Co.
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Fees: | 2%
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Cusip: | 06053M146
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