By Kiku Steinfeld
Chicago, Oct. 10 – Bank of America Corp. priced $49.11 million of market-linked step-up notes due Sept. 30, 2022 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called if the index closes at or above the initial index level on either of two annual observation dates. The call amount is par of $10 plus $0.925 if the notes are called on Oct. 2, 2020 and par plus $1.850 if called on Sept. 17, 2021.
If the notes are not called and the final index level is greater than the step-up value, 121% of the initial level, then 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 121% step-up value, then the payout will be par plus 21%.
Investors will be fully exposed losses of the index from its initial level.
BofA Securities, Inc. is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P 500
|
| Amount: | $49,111,490
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| Maturity: | Sept. 30, 2022
|
| 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 21%; if final index level is less than initial index level, full exposure to index decline
|
| Call: | Automatically at par of $10 plus $0.925 on Oct. 2, 2020 or $1.850 on Sept. 17, 2021 if index closes at or above initial level
|
| Initial index level: | 2,977.62
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| Step-up value: | 121% of initial value
|
| Pricing date: | Sept. 26
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| Settlement date: | Oct. 3
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 09710C154
|
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