Published on 9/30/2013 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $8.27 million step-up notes linked to four indexes
By Angela McDaniels
Tacoma, Wash., Sept. 30 - Bank of America Corp. priced $8.27 million of 0% market-linked step-up notes due Sept. 23, 2016 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes equal weights of the S&P 500 index, the Russell 2000 index, the MSCI EAFE index and the MSCI Emerging Markets index.
If the basket's final level is greater than the step-up value, the payout at maturity will be par of $10 plus the basket return. The step-up value is 119.65% of the initial basket level.
If the basket's final level is less than or equal to the step-up level but greater than or equal to the initial level, the payout will be par plus 19.65%.
If the final basket level is less than the initial level but declines by no more than 5%, the payout will be par. Otherwise, investors will lose 1% for every 1% that the basket declines beyond 5%.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Market-linked step-up notes
|
| Underlying indexes: | S&P 500 index, Russell 2000 index, MSCI EAFE index and MSCI Emerging Markets index
|
| Amount: | $8,266,350
|
| Maturity: | Sept. 23, 2016
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If basket's final level is greater than step-up value, par plus basket return; if basket's final level is less than or equal to step-up level but greater than or equal to initial level, par plus 19.65%; if final basket level is less than initial level but declines by no more than 5%, par; otherwise, 1% loss for every 1% that basket declines beyond 5%
|
| Initial index levels: | 1,698.67 for S&P 500; 1,078.41 for Russell 2000; 1,832.08 for MSCI EAFE; 1,003.00 for MSCI Emerging Markets
|
| Pricing date: | Sept. 26
|
| Settlement date: | Oct. 4
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 2.25%
|
| Cusip: | 06053F703
|
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