By Susanna Moon
Chicago, Sept. 20 - Bank of America Corp. priced $10.25 million of capped notes due Sept. 23, 2033 linked to the 30-year Constant Maturity Swap rate and the two-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 10.25% for the first year. After that, it will accrue at 4 times the spread of 30-year CMS rate over the two-year CMS rate minus 25 basis points, up to a maximum rate of 10.25%. Interest is payable quarterly and cannot be less than year.
The payout at maturity will be par.
BofA Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
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Issue: | Capped notes
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Underlyings: | 30-year and two-year Constant Maturity Swap rates
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Amount: | $10.25 million
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Maturity: | Sept. 23, 2033
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Coupon: | 10.25% initially; beginning Sept. 23, 2014, at 4 times the spread of 30-year CMS rate over the two-year CMS rate less 25 bps, capped at 10.25%; payable quarterly
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Price: | Variable
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Payout at maturity: | Par
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Pricing date: | Sept. 18
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Settlement date: | Sept. 23
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Agent: | BofA Merrill Lynch
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Fees: | 4.41%
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Cusip: | 06048WPE4
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