By Susanna Moon
Chicago, Aug. 4 – Bank of America Corp. priced $36.25 million of 0% autocallable market-linked step-up notes due July 28, 2017 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 of $10 plus a call premium of 9% if the index closes at or above the initial level on Aug. 5, 2016.
If the index finishes above the step-up level – 114% of the initial value – the payout at maturity will be par plus the index return.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 14%.
Otherwise, investors will be fully exposed to any losses.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
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| Issue: | Autocallable market-linked step-up notes
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| Underlying index: | PHLX Housing Sector
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| Amount: | $36,247,480
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| Maturity: | July 28, 2017
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If index finishes above step-up level, par plus gain; if index gains up to step-up value, par plus 14%; exposure to any losses
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| Call: | At par plus a call premium of 9% if index closes at or above initial level on Aug. 5, 2016
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| Initial level: | 238.45
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| Step-up level: | 271.83, 114% of initial level
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| Pricing date: | July 30
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| Settlement date: | Aug. 6
|
| Agent: | BofA Merrill Lynch
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| Fees: | 2%
|
| Cusip: | 06053W482
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