By Jennifer Chiou
New York, May 31 - Bank of America Corp. priced $6.72 million of 0% currency-linked step-up notes due June 3, 2014 linked to a basket of four equally weighted currencies relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.
The underlying currencies are the Norwegian krone, the Swedish krona, the British pound and the euro.
If the basket finishes flat or increases by up to the step-up value, 110.25% of the initial level, the payout at maturity will be par of $10.00 plus the step-up payment of $1.025 per note. If the basket rises above the step-up value, the payout will be par plus the gain.
If the basket falls, investors will share in those losses, with a minimum payout of $9.00 per note.
Bank of America Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Currency-linked step-up notes
|
| Underlying currencies: | Norwegian krone, Swedish krona, British pound and euro, equally weighted against dollar
|
| Amount: | $6,715,170
|
| Maturity: | June 3, 2014
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus 10.25% if basket finishes at or below step value of 110.25% of the initial level; otherwise, par plus any gain; floor of 90% of par
|
| Initial spot rates: | 5.5233 for the Norwegian krone; 6.3199 for the Swedish krona; 1.63475 for the British pound and 1.40995 for the euro
|
| Pricing date: | May 26
|
| Settlement date: | June 3
|
| Underwriter: | Bank of America Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06050R627
|
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