Published on 8/4/2015 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $46.64 million market-linked step-up autocallables on S&P 500
By Susanna Moon
Chicago, Aug. 4 – Bank of America Corp. priced $46.64 million of 0% autocallable market-linked step-up notes due July 27, 2018 tied to the S&P 500 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 7.5% if the index closes at or above the initial level on either call date.
If the index finishes above the step-up level – 125% 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 25%.
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: | S&P 500
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| Amount: | $46,639,490
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| Maturity: | July 27, 2018
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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 25%; exposure to any losses
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| Call: | At par plus a call premium of 7.5% if index closes at or above initial level on Aug. 5, 2016 or July 21, 2017
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| Initial level: | 2,108.63
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| Step-up level: | 2,635.79, 125% of initial level
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| Pricing date: | July 30
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| Settlement date: | Aug. 6
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| Agent: | BofA Merrill Lynch
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| Fees: | 2%
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| Cusip: | 06053W532
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