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Bank of America plans step-up autocallables on Nikkei Stock Average
By Toni Weeks
San Luis Obispo, Calif., Feb. 22 - Bank of America Corp. plans to price autocallable market-linked step-up notes due March 2016 linked to the Nikkei Stock Average index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be called at par plus 10% per year if the index closes above the initial level on the observation dates in March 2014 or March 2015.
If the index finishes at or above the step-up value - 121% to 127% of the initial level - the payout at maturity will be par plus the index gain.
If the index finishes below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 21% to 27%.
Investors will be fully exposed to any losses.
The exact deal terms will be set at pricing.
BofA Merrill Lynch is the agent.
The notes will price in March and settle in April.
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