By Angela McDaniels
Tacoma, Wash., June 2 - Bank of America Corp. priced $19.36 million of 0% market-linked step-up notes due May 25, 2018 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes the S&P 500 index with a 75% weight and the Euro Stoxx 50 index with a 25% weight.
If the final basket level is greater than the step-up level, 118.2% of the initial basket level, the payout at maturity will be par of $10 plus the basket return.
If the basket return is zero or positive but the final basket level is less than or equal to the step-up level, the payout will be par plus 18.2%.
If the basket declines by 10% or less, the payout will be par.
If the basket declines by more than 10%, investors will lose 1% for every 1% that the basket declines beyond 10%.
BofA Merrill Lynch is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Market-linked step-up notes
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Underlying indexes: | S&P 500 index (75% weight) and Euro Stoxx 50 (25% weight)
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Amount: | $19,359,890
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Maturity: | May 25, 2018
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If final basket level is greater than step-up level, par plus basket return; if basket return is zero or positive but final basket level is less than or equal to step-up level, par plus 18.2%; if basket declines by 10% or less, par; otherwise, 1% loss for every 1% that basket declines beyond 10%
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Initial index levels: | 1,920.03 for S&P 500 and 3,244.66 for Euro Stoxx 50
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Step-up level: | 118.2% of initial basket level
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Pricing date: | May 29
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Settlement date: | June 5
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Underwriter: | BofA Merrill Lynch
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Fees: | 2.5%
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Cusip: | 06053M187
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