Bank of America plans 9%-11% coupon bearing autocallables on JPMorgan

By Marisa Wong

Morgantown, W.Va., Jan. 22 – Bank of America Corp. plans to price 9% to 11% autocallable coupon bearing notes due February 2017 linked to JPMorgan Chase & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly, with the exact rate to be set at pricing.

The notes will be called at par if the stock closes at or above its initial level on the observation date in August 2016 or November 2016.

The payout at maturity will be par of $10 unless JPMorgan shares finish below the initial level, in which case investors will be exposed to any losses.

Bank of America Merrill Lynch is the agent.

The notes will price in January and settle in February.

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