New Issue: Bank of America prices $18.57 million 90%-protected BRIC currency-linked step-up notes

By Toni Weeks

San Diego, Oct. 31 - Bank of America priced $18.57 million of currency-linked step-up notes due October 29, 2013 linked to a basket of four currencies relative to the U.S. dollar, according to a 424B2 filing with the Securities and Exchange Commission.

The basket includes equal weights of the Brazilian real, the Russian ruble, the Indian rupee and the Chinese renminbi.

If the basket finishes at or above the step level - 123.1% of the initial value - the payout at maturity will be par plus the basket return.

If the basket return is zero or positive and finishes at or below the step level, the payout will be par plus a step-up payment of $2.31 per note per $10.00 principal amount.

Investors will be exposed to losses of up to 10% and will receive a minimum of $9.00 if the basket declines by more than 10%.

Bank of America Merrill Lynch is the agent.

Issuer:	Bank of America Corp.
Issue:	Currency-linked step-up notes
Underlying currencies:	Brazilian real, Russian ruble, Indian rupee, Chinese renminbi
Amount:	$18,571,700
Maturity:	Oct. 29, 2013
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If basket finishes above 123.1% of initial level, par plus basket return; if basket finishes at or above initial level but less than or equal to step-up value, par plus 23.1%; exposure to losses of up to 10%, with floor of 90%
Initial rates:	1.7323 for real, 30.2458 for ruble, 48.821 for rupee, 6.3477 for renminbi
Pricing date:	Oct. 27
Settlement date:	Nov. 3
Agent:	Bank of America Merrill Lynch
Fees:	1.75%
Cusip:	06051N609

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.