By Marisa Wong
Morgantown, W.Va., Aug. 29 – Bank of America Corp. priced $30.92 million 0% autocallable market-linked step-up notes due Aug. 31, 2018 to the PHLX Housing Sector index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par of $10 plus 9% if the index closes at or above its initial index level on Sept. 1, 2017.
If the notes are not called and the final index level is greater than the step-up value, 122% of the initial index level, the payout at maturity will be par plus the index return.
If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment of 22%.
If the final index level is less than the initial level, investors will be fully exposed to the index’s decline.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | PHLX Housing Sector
|
| Amount: | $30,915,530
|
| Maturity: | Aug. 31, 2018
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If final index level is greater than step-up value, par plus index return; if final index level is greater than or equal to initial level but less than or equal to step-up value, par plus 22%; full exposure to any index decline
|
| Call: | At par plus 9% if index closes at or above initial index level on Sept. 1, 2017
|
| Initial index level: | 249.29
|
| Step-up value: | 304.13, 122% of initial level
|
| Pricing date: | Aug. 25
|
| Settlement date: | Sept. 1
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06054B404
|
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