Bank of America plans 10-year floaters tied to Consumer Price Index

By Jennifer Chiou

New York, March 22 - Bank of America Corp. plans to price floating-rate notes due March 31, 2021, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 4.75% for the first two years. After that, the annualized rate will be equal to the year-over-year change in the Consumer Price Index plus 200 basis points, up to a maximum rate of 8%. Interest is payable monthly and cannot be less than zero.

The payout at maturity will be par.

The notes (Cusip: 06048WFT2) will settle on March 31.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the agent.

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