By Marisa Wong
Madison, Wis., May 29 - Bank of America Corp. priced $2 million of 0% currency-linked step-up notes due May 29, 2015 linked to a basket of currencies relative to the euro, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes equal weights of the Norwegian krone and the Swedish krona.
If the basket finishes above the step-up value - 130.68% of the initial value - the payout at maturity will be par of $10.00 plus the basket return.
If the basket return is zero or positive but the basket finishes at or below the step-up value, the payout will be par plus a step-up payment of 30.68%.
Investors will be exposed to losses of up to 10% and will receive a minimum of $9.00 if the basket declines by more than 10%.
Bank of America Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Currency-linked step-up notes
|
| Underlying currencies: | Norwegian krone and Swedish krona, relative to euro
|
| Amount: | $1,999,670
|
| Maturity: | May 29, 2015
|
| Coupon: | 0%
|
| Price: | Par of $10.00
|
| Payout at maturity: | If basket finishes above 130.68% of initial level, par plus basket return; if basket return is zero or positive but basket finishes at or below step-up value, par plus 30.68%; exposure to losses of up to 10%; minimum payment of $9.00
|
| Initial rates: | 7.536 for krone, 8.976 for krona
|
| Pricing date: | May 24
|
| Settlement date: | June 1
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06051R154
|
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