Published on 7/24/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $50 million fixed-to-floaters on one-year SOFR ICE swap rate
By William Gullotti
Buffalo, N.Y., July 24 – Bank of America Corp. priced $50 million fixed-to-floating notes due Aug. 21, 2024 linked to the one-year U.S. dollar SOFR ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 7% initially. Beginning Oct. 21, 2023, the rate will be equal to the one-year swap rate plus 40 basis points. Interest will be payable monthly and cannot be less than zero.
The payout at maturity will be par.
BofA Services, Inc. is the agent.
Issuer: | Bank of America Corp.
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Issue: | Fixed-to-floating notes
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Underlying rate: | One-year U.S. dollar SOFR ICE swap rate
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Amount: | $50 million
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Maturity: | Aug. 21, 2024
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Coupon: | 7% initially; beginning Oct. 21, 2023, equal to the one-year swap rate plus 40 bps, payable monthly; floating rate subject to floor of 0%
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | July 19
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Settlement date: | July 21
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Agent: | BofA Securities, Inc.
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Fees: | 0.04%
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Cusip: | 06055JBM0
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