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

By Susanna Moon

Chicago, March 28 - Bank of America Corp. plans to price floating-rate notes due April 12, 2021, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 5% for the first two years. After that, the rate will be linked to the Consumer Price Index plus 165 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.

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

The notes will settle on April 12.

The Cusip is 06048WFW5.

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