Bank of America plans 10-year fixed-to-floaters with 4% initial rate

By Susanna Moon

Chicago, Aug. 14 – Bank of America Corp. plans to price fixed-to-floating notes due Aug. 25, 2029 Notes linked to the 10-year U.S. dollar ICE Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be fixed at 4% for the first two years. After that, it will be equal to 10-year U.S. dollar ICE Swap rate plus 3 basis points, payable quarterly.

The payout at maturity will be par.

BofA Merrill Lynch is the underwriter.

The notes will settle on Aug. 25.

The Cusip number is 06048WUR9.

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