Bank of America plans callable range accrual notes on S&P 500 index

By Jennifer Chiou

New York, Nov. 4 - Bank of America plans to price callable range accrual notes due Nov. 21, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 10% for the first year. After that, it will accrue at 10% for each day that the index closes at or above 75% of the initial level. Interest is payable quarterly.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date after one year.

The notes (Cusip: 06048WJN1) are expected to price on Nov. 16.

Bank of America Merrill Lynch is the underwriter.

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