By Marisa Wong
Morgantown, W.Va., Nov. 25 – Bank of America Corp. priced $24.42 million of 0% autocallable market-linked step-up notes due Nov. 27, 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 Dec. 2, 2016.
If the index finishes above the step-up level – 118.6% 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 18.6%.
Otherwise, investors will be fully exposed to any losses.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | PHLX Housing Sector
|
| Amount: | $24,415,200
|
| Maturity: | Nov. 27, 2017
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index finishes above step-up level, par plus gain; if index gains up to step-up value, par plus 18.6%; exposure to any losses
|
| Call: | At par plus a call premium of 9% if index closes at or above initial level on Dec. 2, 2016
|
| Initial level: | 243.58
|
| Step-up level: | 288.89, 118.6% of initial level
|
| Pricing date: | Nov. 24
|
| Settlement date: | Dec. 4
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06053Y199
|
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