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Bank of America plans market-linked step-up autocalls on PHLX Housing
By Tali Rackner
Norfolk, Va., Aug. 31 – Bank of America Corp. plans to price 0% autocallable market-linked step-up notes due September 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 an annualized call premium of 9% if the index closes at or above the initial level on the call observation date in October 2016.
If the index finishes above the step-up level – 115% to 121% 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 15% to 21%.
Otherwise, investors will be fully exposed to any losses.
The exact terms will be set at pricing.
Merrill Lynch & Co. is the agent.
The notes will price in September and settle in October.
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