Bank of America to price 10-year floaters tied to 10-year CMS rate

By Marisa Wong

Milwaukee, June 23 - Bank of America Corp. plans to price 10-year floating-rate notes linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will accrue at a rate of 100% to 110% of the 10-year CMS rate, payable quarterly. The exact participation rate will be set at pricing.

The payout at maturity will be par.

The notes will price and settle in July or August.

Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC are the underwriters.

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