New York, March 31 - Bank of America Corp. priced $19.34 million of 0% market-linked step up notes due March 28, 2016 tied to the PHLX Housing Sector index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus 12% if the index closes at or above initial level on March 27, 2015.
If the index finishes above the step-up value - 129.5% of the initial level - the payout at maturity will be par plus the index gain.
If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 29.5%.
Investors will be fully exposed to any decline in the index.
Merrill Lynch & Co. is the underwriter.
| Issuer: | Bank of America Corp.
|
| Issue: | Market-linked step up notes
|
| Underlying index: | PHLX Housing Sector index
|
| Amount: | $19,344,210
|
| Maturity: | March 28, 2016
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If index finishes above step-up value, par plus index gain; if index finishes at or below step-up level but at or above initial level, par plus 29.5%; full exposure to any decline in index
|
| Call: | At par plus 12% if index closes at or above initial level on March 27, 2015
|
| Initial index level: | 194.64
|
| Step-up value: | 252.06, 129.5% of initial value
|
| Pricing date: | March 27
|
| Settlement date: | April 3
|
| Underwriters: | Merrill Lynch & Co.
|
| Fees: | 2%
|
| Cusip: | 06053G792
|
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