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BofA plans autocallable market-linked step-up notes on PHLX Housing
By Wendy Van Sickle
Columbus, Ohio, Oct. 3 – Bank of America Corp. plans to price autocallable market-linked step-up notes due October 2018 linked to the PHLX Housing Sector index, according to an FWP 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 in October 2017.
If the index finishes at or above the step-up value – 117% to 123% of the initial level – the payout at maturity will be par plus the index gain.
If the index finishes below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 17% to 23%.
Investors will be fully exposed to any losses.
The exact deal terms will be set at pricing.
BofA Merrill Lynch is the agent.
The notes will price in October and settle in November.
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