Published on 3/7/2017 in the Prospect News Structured Products Daily.
New Issue: BofA prices $3.13 million 10-year step-up callable notes with 2.935% initial rate
By Wendy Van Sickle
Columbus, Ohio, March 7 – Bank of America Corp. priced $3.13 million of step-up callable notes due March 3, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2.935% for the first four years, stepping up to 3.435% for years five to six, to 3.935% for years seven to eight, to 5.935% for year nine and to 6.935% for year 10. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning March 3, 2019.
BofA Merrill Lynch is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Step-up callable notes
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Amount: | $3,125,000
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Maturity: | March 3, 2027
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Coupon: | 2.935% initially, stepping up to 3.435% for years five to six, to 3.935% for years seven to eight, to 5.935% for year nine and to 6.935% for year 10; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any interest payment date beginning March 3, 2019
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Pricing date: | March 1
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Settlement date: | March 3
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Underwriter: | BofA Merrill Lynch
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Fees: | 1.25%
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Cusip: | 06048WUC2
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