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Bank of America to price 20-year callable non-inversion CMS notes
By Susanna Moon
Chicago, Nov. 7 - Bank of America Corp. plans to price callable non-inversion CMS notes due Nov. 21, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 7.75% for the first year. After that, it will be 7.75% for each day that the 30-year Constant Maturity Swap rate is equal to or greater than the two-year CMS rate. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after one year.
Bank of America Merrill Lynch is the agent.
The notes will settle on Nov. 21.
The Cusip is 06048WJJ0.
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