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Bank of America plans autocallable range accrual notes tied to S&P 500
By Toni Weeks
San Diego, Nov. 28 - Bank of America Corp. plans to price autocallable range accrual notes due December 2026 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% per year on each day that the index closes at or above 75% of the initial level. Interest will be payable quarterly.
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 December.
Bank of America Merrill Lynch is the agent.
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