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Bank of America plans 10-year fixed-to-floaters on 10-year CMS rate
By Susanna Moon
Chicago, April 28 – Bank of America Corp. plans to price fixed-to-floating notes due April 30, 2025 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest rate will be fixed at 3.25% for the first two years. After that, it will accrue at the 10-year CMS rate. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
BofA Merrill Lynch is the underwriter.
The notes will settle on April 30.
The Cusip number is 06048WQS2.
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