Bank of America to price 13% coupon-bearing notes linked to JPMorgan

By Angela McDaniels

Tacoma, Wash., Oct. 17 - Bank of America Corp. plans to price coupon-bearing notes due November 2012 linked to the common stock of JPMorgan Chase & Co., according to an FWP filing with the Securities and Exchange Commission.

Interest is payable quarterly at the rate of 13% per year.

If the final price of JPMorgan stock is greater than or equal to the threshold value, the payout at maturity will be par of $10. Investors will lose 1% for every 1% that the final price declines beyond the threshold value.

The threshold value is expected to be 86% to 90% of the initial share price and will be set at pricing.

The notes will price in October and settle in November.

Bank of America Merrill Lynch is the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.