By Angela McDaniels
Tacoma, Wash., Feb. 27 - Bank of America Corp. priced $7.05 million of currency-linked step-up notes due March 4, 2014 linked to Indian rupee/dollar exchange rate measure, according to a 424B2 filing with the Securities and Exchange Commission.
The exchange rate measure represents a long position in the rupee relative to the dollar.
If the final exchange rate measure is greater than or equal to the initial exchange rate measure, the payout at maturity will be par of $10 plus the greater of the increase in the exchange rate measure and 25.25%.
Investors will be exposed to the decline if the exchange rate measure falls, subject to a minimum payout of $9 per $10 note.
Bank of America Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Currency-linked step-up notes
|
| Underlying currency: | Indian rupee/dollar exchange rate measure, which represents long position in rupee
|
| Amount: | $7,054,630
|
| Maturity: | March 4, 2014
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus greater of increase in exchange rate measure and 25.25% if final exchange rate measure is greater than or equal to initial exchange rate measure; exposure to any decline in exchange rate measure, subject to maximum loss of 10%
|
| Initial exchange rate: | 49.245 rupees per dollar
|
| Pricing date: | Feb. 23
|
| Settlement date: | March 1
|
| Underwriter: | Bank of America Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 06051P596
|
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