Published on 9/3/2013 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $36.28 million market-linked step-up notes on S&P 500
By Susanna Moon
Chicago, Sept. 3 - Bank of America Corp. priced $36.28 million of 0% market-linked step-up notes due Aug. 28, 2015 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above the step-up value - 115.4% of the initial level - the payout at maturity will be par of $10 plus the index return.
If the index finishes at or above the initial level but less than or equal to the step-up level, the payout at maturity will be par of $10 plus the step-up payment of 15.4%.
Otherwise, investors will be exposed to any losses.
Merrill Lynch & Co. is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Market-linked step up notes
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Underlying index: | S&P 500 Index
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Amount: | $36,279,730
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Maturity: | Aug. 28, 2015
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Coupon: | 0%
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Price: | Par of $10.00
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Payout at maturity: | If index rises above step-up level, par plus any gain; if index rises by up to step-up level, par plus 15.4%; otherwise, exposure to any losses
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Initial index level: | 1,638.17
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Step level: | 1,890.45, or 115.4% of initial level
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Pricing date: | Aug. 29
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Settlement date: | Sept. 6
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Underwriters: | Merrill Lynch & Co.
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Fees: | 2%
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Cusip: | 06053F323
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