Bank of America plans autocallable range accrual notes tied to S&P 500

By Toni Weeks

San Diego, Dec. 30 - Bank of America plans to price autocallable range accrual notes due February 2027 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 9.5% to 10% for the first year. After that, it will accrue at 9.5% to 10% for each day that the index closes at or above 75% of the initial level. Interest is payable quarterly. The exact coupon will be set at pricing.

The payout at maturity will be par.

The notes will be automatically called at par on any interest payment date after one year if the closing level of the index is greater than 120% of the initial level.

The notes are expected to price and settle in January.

Bank of America Merrill Lynch is the agent.

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