Published on 3/10/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $10.23 million step-up callable notes with 5.3% start rate
By Wendy Van Sickle
Columbus, Ohio, March 10 – Bank of America Corp. priced $10.23 million of step-up callable notes due March 8, 2038, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 5.3% initially. It will step up to 5.6% on March 8, 2026 to 6% on March 8, 2030 and to 7% on March 8, 2034. Interest will be payable semiannually.
The notes will be semiannually callable at par after three years.
The payout at maturity will be par.
BofA Securities, Inc. is the agent.
Issuer: | Bank of America Corp.
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Issue: | Step-up callable notes
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Amount: | $10,233,000
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Maturity: | March 8, 2038
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Coupon: | 5.3% initially, stepping up to 5.6% on March 8, 2026 to 6% on March 8, 2030 and to 7% on March 8, 2034; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any semiannual review date beginning March 8, 2026
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Pricing date: | March 6
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Settlement date: | March 8
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Agent: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 06055JAP4
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