By Jennifer Chiou
New York, Sept. 29 – Bank of America Corp. priced $32,728,320 of 0% autocallable market-linked step-up notes due Sept. 29, 2017 tied to the Hang Seng China Enterprises index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus a premium if the index's closing level is greater than or equal to the initial level on either observation date. The premium will be $1.20 if the notes are called on Oct. 2, 2015 or $2.40 if the notes are called on Sept. 23, 2016.
If the index finishes above the step-up value - 153% of the initial value - the payout at maturity will be par plus the index return.
If the index return is zero or positive but the index finishes at or below the step-up value, the payout will be par plus the step-up payment of 53%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the underwriter.
| Issuer: | Bank of America Corp.
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | Hang Seng China Enterprises
|
| Amount: | $32,728,320
|
| Maturity: | Sept. 29, 2017
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index finishes above step-up value, par plus index return; if index stays flat or gains but finishes at or below step-up value, par plus 53%; exposure to losses
|
| Call: | Automatically at par plus a premium if index closes at or above initial level on either observation date; premium is 12% if notes are called on Oct. 2, 2015 or 24% if called on Sept. 23, 2016
|
| Initial index level: | 10,640.09
|
| Step-up value: | 16,279.34, 153% of initial value
|
| Pricing date: | Sept. 25
|
| Settlement date: | Oct. 2
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06053M526
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
