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Bank of America plans market-linked step-up notes on two indexes
By Marisa Wong
Madison, Wis., April 17 – Bank of America Corp. plans to price market-linked step-up notes due April 2020 tied to an equally weighted basket of the Dow Jones industrial average and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the basket finishes above the step-up value, 122% to 128% of the initial basket level, the payout at maturity will be par plus the basket return.
If the basket stays flat or increases up to the step-up value, the payout will be par plus a return of 22% to 28%.
If the basket finishes at or above the threshold value, 85% of the initial level, the payout will be par.
Investors will be exposed to any basket decline beyond 15%.
The exact terms will be set at pricing.
BofA Merrill Lynch is the underwriter.
The notes will price and settle in April.
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