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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of America Corporation | NYSE:BAC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.08 | 0.22% | 37.09 | 37.505 | 36.77 | 37.21 | 32,276,062 | 00:59:21 |
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-202354 (To Prospectus dated May 1, 2015, Prospectus Supplement dated January 20, 2016 and Product Supplement STOCK ARN-1 dated March 9, 2016) |
1,069,204 Units $10 principal amount per unit CUSIP No. 06054B503 |
Pricing Date Settlement Date Maturity Date |
September 15, 2016 September 22, 2016 November 24 , 2017 |
|||
Accelerated Return Notes
®
Linked to a Basket of Three Defense Industry Stocks
■
Maturity of approximately 14 months
■
3-to-1 upside exposure to increases in the Basket, subject to a capped return of
13.85%
■
The Basket
is
comprised of
the common stocks of
General Dynamics Corporation
,
Lockheed Martin Corporation
,
and Raytheon Company
.
Each Basket Stock
was given
an approximate equal weight
■
1-to-1 downside exposure to decreases in the Basket, with 100% of your investment at risk
■
All payments occur at maturity and are subject to the credit risk of Bank of America Corporation
■
No periodic interest payments
■
In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.075 per unit. See Structuring the Notes
■
Limited secondary market liquidity, with no exchange listing
|
|||||
Per Unit
|
Total
|
|
Public offering price
|
$
10.00
|
$
10,692,040.00
|
Underwriting discount
|
$
0.20
|
$
213,840.80
|
Proceeds, before expenses, to BAC
|
$
9.80
|
$
10,478,199.20
|
Are Not FDIC Insured
|
Are Not Bank Guaranteed
|
May Lose Value
|
Accelerated Return Notes
®
Linked to a Basket of Three Defense Industry Stocks, due November 24 , 2017 |
|
Accelerated Return Notes
®
|
TS-
2
|
Accelerated Return Notes
®
Linked to a Basket of Three Defense Industry Stocks, due November 24 , 2017 |
|
■
|
Product supplement STOCK ARN-1 dated March 9, 2016:
http://www.sec.gov/Archives/edgar/data/70858/000119312516498589/d26301d424b5.htm ">https://www.sec.gov/Archives/edgar/data/70858/000119312516498589/d26301d424b5.htm |
■
|
Series L MTN prospectus supplement dated January 20, 2016 and prospectus dated May 1, 2015:
http://www.sec.gov/Archives/edgar/data/70858/000119312516433708/d122981d424b3.htm ">http://www.sec.gov/Archives/edgar/data/70858/000119312516433708/d122981d424b3.htm |
Accelerated Return Notes
®
|
TS-
3
|
Accelerated Return Notes
®
Linked to a Basket of Three Defense Industry Stocks, due November 24 , 2017 |
|
Accelerated Return Notes
®
|
This graph reflects the returns on the notes, based on the Participation Rate of 300% and the Capped Value of $11.385. The green line reflects the returns on the notes, while the dotted gray line reflects the returns of a direct investment in the Basket Stocks, excluding dividends.
This graph has been prepared for purposes of illustration only.
|
Ending Value
|
Percentage Change from the Starting Value to the Ending Value
|
Redemption Amount per Unit
|
Total Rate of Return on the Notes
|
0.00
|
-100.00%
|
$0.0
0
0
|
-100.00%
|
50.00
|
-50.00%
|
$5.0
0
0
|
-50.00%
|
80.00
|
-20.00%
|
$8.0
0
0
|
-20.00%
|
90.00
|
-10.00%
|
$9.
0
00
|
-10.00%
|
94.00
|
-6.00%
|
$9.4
0
0
|
-6.00%
|
97.00
|
-3.00%
|
$9.7
0
0
|
-3.00%
|
100.00
(1)
|
0.00%
|
$10.0
0
0
|
0.00%
|
102.00
|
2.00%
|
$10.6
0
0
|
6.00%
|
105.00
|
5.00%
|
$
11.385
(2)
|
13.85
%
|
110.00
|
10.00%
|
$
11.385
|
13.85
%
|
120.00
|
20.00%
|
$
11.385
|
13.85
%
|
130.00
|
30.00%
|
$
11.385
|
13.85
%
|
140.00
|
40.00%
|
$
11.385
|
13.85
%
|
150.00
|
50.00%
|
$
11.385
|
13.85
%
|
160.00
|
60.00%
|
$
11.385
|
13.85
%
|
(1)
|
The Starting Value
was
set to
100.00 on the pricing date.
|
(2)
|
The Redemption Amount per unit cannot exceed the Capped Value.
|
Accelerated Return Notes
®
|
TS-
4
|
Accelerated Return Notes
®
Linked to a Basket of Three Defense Industry Stocks, due November 24 , 2017 |
|
Example 1
|
|
The Ending Value is 80.00, or 80.00% of the Starting Value:
|
|
Starting Value:
100.00
|
|
Ending Value:
80.00
|
|
|
= $8.0
0
0
Redemption Amount per unit
|
Example 2
|
|
The Ending Value is 102.00, or 102.00% of the Starting Value:
|
|
Starting Value:
100.00
|
|
Ending Value:
102.00
|
|
|
= $10.6
0
0
Redemption Amount per unit
|
Example 3
|
|
The Ending Value is 130.00, or 130.00% of the Starting Value:
|
|
Starting Value:
100.00
|
|
Ending Value:
130.00
|
|
|
= $19.00, however, because the Redemption Amount for the notes cannot exceed the Capped Value, the Redemption Amount will be $
11.385
per unit
|
Accelerated Return Notes
®
|
TS-
5
|
Accelerated Return Notes
®
Linked to a Basket of Three Defense Industry Stocks, due November 24 , 2017 |
|
■
|
Depending on the performance of the Basket as measured shortly before the maturity date, your investment may result in a loss; there is no guaranteed return of principal.
|
■
|
Your return on the notes may be less than the yield you could earn by owning a conventional fixed or floating rate debt security of comparable maturity.
|
■
|
Payments on the notes are subject to our credit risk, and actual or perceived changes in our creditworthiness are expected to affect the value of the notes. If we become insolvent or are unable to pay our obligations, you may lose your entire investment.
|
■
|
Your investment return is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the Basket Stocks.
|
■
|
The initial estimated value of the notes is an estimate only, determined as of a particular point in time by reference to our and our affiliates’ pricing models. These pricing models consider certain assumptions and variables, including our credit spreads, our
internal funding
rate on the pricing date, mid-market terms on hedging transactions, expectations on interest rates and volatility, price-sensitivity analysis, and the expected term of the notes. These pricing models rely in part on certain forecasts about future events, which may prove to be incorrect.
|
■
|
The public offering p
rice you pay for the notes
exceed
s
the initial estimated value. If you attempt to sell the notes prior to maturity, their market value may be lower than the price you paid for them and lower than the initial estimated value. This is due to, among other things, changes in the
value of the Basket
,
our internal funding rate
, and the inclusion in the public offering price of the underwriting discount and the hedging related charge, all as further described in Structuring the Notes on page TS-
15
. These factors, together with various credit, market and economic factors over the term of the notes, are expected to reduce the price at which you may be able to sell the notes in any secondary market and will affect the value of the notes in complex and unpredictable ways.
|
■
|
The initial estimated value does not represent a minimum or maximum price at which we, MLPF&S or any of our affiliates would be willing to purchase your notes in any secondary market (if any exists) at any time. The value of your notes at any time after issuance will vary based on many factors that cannot be predicted with accuracy, including the performance of the
Basket
, our creditworthiness and changes in market conditions.
|
■
|
A trading market is not expected to develop for the notes. Neither we nor MLPF&S is obligated to make a market for, or to repurchase, the notes. There is no assurance that any party will be willing to purchase your notes at any price in any secondary market.
|
■
|
Our business activities as a full service financial institution, including our commercial and investment banking activities, our hedging and trading activities (including trades in shares of the Basket Stocks), and any hedging and trading activities we engage in for our clients’ accounts, may affect the market value and return of the notes and may create conflicts of interest with you.
|
■
|
The Underlying Companies will have no obligations relating to the notes, and neither we nor MLPF&S will perform any due diligence procedures with respect to any Underlying Company in connection with this offering.
|
■
|
Changes in the price of one of the Basket Stocks may be offset by changes in the prices of the other Basket Stocks.
|
■
|
You will have no rights of a holder of the Basket Stocks, and you will not be entitled to receive shares of the Basket Stocks or dividends or other distributions by the Underlying Companies.
|
■
|
While we or our affiliates may from time to time own securities of the Underlying Companies, we do not control any Underlying Company, and have not verified any disclosures made by any Underlying Company.
|
■
|
The payment on the notes will not be adjusted for all corporate events that could affect a Basket Stock.
See Description of ARNs—Anti-Dilution Adjustments beginning on page PS-19 of product supplement STOCK ARN-1.
|
■
|
There may be potential conflicts of interest involving the calculation agent
, which is an affiliate of ours
. We have the right to appoint and remove the calculation agent.
|
■
|
The U.S. federal income tax consequences of the notes are uncertain, and may be adverse to a holder of the notes. See Summary Tax Consequences below and U.S. Federal Income Tax Summary beginning on page
PS-29 of product supplement STOCK ARN-1.
|
Accelerated Return Notes
®
|
TS-
6
|
Accelerated Return Notes
®
Linked to a Basket of Three Defense Industry Stocks, due November 24 , 2017 |
|
Basket
Stock
|
Bloomberg
Symbol
|
Initial Component Weight
|
Closing
Market
Price
(1)
|
Component Ratio
(2)
|
Initial Basket Value Contribution
|
|||||
General Dynamics Corporation
|
GD
|
33.33
%
|
152.16
|
0.21904574
|
33.33
|
|||||
Lockheed Martin Corporation
|
LMT
|
33.34
%
|
239.09
|
0.13
94454
|
33.34
|
|||||
Raytheon Company
|
RTN
|
33.33
%
|
137.71
|
0.24203035
|
33.33
|
|||||
Starting Value
|
100.00
|
(1)
|
These were the
Closing
Market Prices of the Basket
Stock
s on
the pricing date
.
|
(2)
|
Each Component Ratio equals the Initial Component Weight of the relevant Basket
Stock
(as a percentage) multiplied by 100, and then divided by the C
losing Market Price
of that Basket
Stock
on
the pricing date
and rounded to eight decimal places.
|
Accelerated Return Notes
®
|
TS-
7
|
Accelerated Return Notes
®
Linked to a Basket of Three Defense Industry Stocks, due November 24 , 2017 |
|
Accelerated Return Notes
®
|
TS-
8
|
Accelerated Return Notes
®
Linked to a Basket of Three Defense Industry Stocks, due November 24 , 2017 |
|
Accelerated Return Notes
®
|
TS-
9
|
Accelerated Return Notes
®
Linked to a Basket of Three Defense Industry Stocks, due November 24 , 2017 |
|
High ($)
|
Low ($)
|
|
2008
|
||
First Quarter
|
88.93
|
78.85
|
Second Quarter
|
94.60
|
82.90
|
Third Quarter
|
94.25
|
71.40
|
Fourth Quarter
|
72.00
|
48.54
|
2009
|
||
First Quarter
|
61.23
|
36.31
|
Second Quarter
|
60.46
|
42.19
|
Third Quarter
|
64.61
|
51.54
|
Fourth Quarter
|
70.66
|
62.55
|
2010
|
||
First Quarter
|
78.48
|
66.35
|
Second Quarter
|
78.67
|
58.56
|
Third Quarter
|
64.32
|
55.87
|
Fourth Quarter
|
71.10
|
61.75
|
2011
|
||
First Quarter
|
78.11
|
69.97
|
Second Quarter
|
77.42
|
69.37
|
Third Quarter
|
75.81
|
55.87
|
Fourth Quarter
|
66.92
|
55.67
|
2012
|
||
First Quarter
|
73.91
|
67.40
|
Second Quarter
|
74.09
|
61.96
|
Third Quarter
|
67.20
|
61.99
|
Fourth Quarter
|
70.40
|
62.13
|
2013
|
||
First Quarter
|
71.86
|
64.57
|
Second Quarter
|
79.12
|
65.99
|
Third Quarter
|
89.65
|
78.07
|
Fourth Quarter
|
95.55
|
84.28
|
2014
|
||
First Quarter
|
112.66
|
94.46
|
Second Quarter
|
120.89
|
104.99
|
Third Quarter
|
129.45
|
114.39
|
Fourth Quarter
|
145.36
|
117.85
|
2015
|
||
First Quarter
|
142.24
|
132.19
|
Second Quarter
|
145.99
|
131.27
|
Third Quarter
|
153.28
|
135.11
|
Fourth Quarter
|
150.78
|
136.71
|
2016
|
||
First Quarter
|
138.24
|
124.18
|
Second Quarter
|
145.71
|
130.84
|
Third Quarter (through the pricing date)
|
154.63
|
138.41
|
Accelerated Return Notes
®
|
TS-
10
|
|
High ($)
|
Low ($)
|
|
2008
|
||
First Quarter
|
109.78
|
99.30
|
Second Quarter
|
109.94
|
98.66
|
Third Quarter
|
119.59
|
100.26
|
Fourth Quarter
|
108.85
|
67.97
|
2009
|
||
First Quarter
|
85.55
|
58.18
|
Second Quarter
|
86.17
|
67.31
|
Third Quarter
|
82.49
|
73.13
|
Fourth Quarter
|
78.93
|
68.32
|
2010
|
||
First Quarter
|
86.90
|
74.41
|
Second Quarter
|
86.92
|
74.50
|
Third Quarter
|
76.15
|
68.48
|
Fourth Quarter
|
73.29
|
68.04
|
2011
|
||
First Quarter
|
82.27
|
69.87
|
Second Quarter
|
81.79
|
75.73
|
Third Quarter
|
81.97
|
66.87
|
Fourth Quarter
|
81.52
|
71.16
|
2012
|
||
First Quarter
|
90.85
|
79.98
|
Second Quarter
|
91.70
|
80.82
|
Third Quarter
|
93.80
|
86.02
|
Fourth Quarter
|
94.87
|
87.58
|
2013
|
||
First Quarter
|
96.52
|
86.70
|
Second Quarter
|
108.85
|
94.53
|
Third Quarter
|
130.84
|
106.40
|
Fourth Quarter
|
148.84
|
122.03
|
2014
|
||
First Quarter
|
166.84
|
146.07
|
Second Quarter
|
168.08
|
153.82
|
Third Quarter
|
182.78
|
157.21
|
Fourth Quarter
|
196.84
|
172.61
|
2015
|
||
First Quarter
|
206.62
|
188.37
|
Second Quarter
|
201.44
|
185.52
|
Third Quarter
|
213.02
|
187.30
|
Fourth Quarter
|
226.43
|
204.75
|
2016
|
||
First Quarter
|
222.96
|
206.08
|
Second Quarter
|
248.17
|
223.11
|
Third Quarter (through the pricing date)
|
266.50
|
237.41
|
Accelerated Return Notes
®
|
TS-
11
|
|
High ($)
|
Low ($)
|
|
2008
|
||
First Quarter
|
67.11
|
59.82
|
Second Quarter
|
66.63
|
56.00
|
Third Quarter
|
61.71
|
53.51
|
Fourth Quarter
|
54.00
|
43.40
|
2009
|
||
First Quarter
|
52.67
|
33.57
|
Second Quarter
|
48.27
|
38.47
|
Third Quarter
|
48.33
|
42.08
|
Fourth Quarter
|
53.44
|
45.18
|
2010
|
||
First Quarter
|
57.67
|
50.73
|
Second Quarter
|
60.01
|
48.39
|
Third Quarter
|
49.64
|
43.21
|
Fourth Quarter
|
48.33
|
44.45
|
2011
|
||
First Quarter
|
52.51
|
46.09
|
Second Quarter
|
51.49
|
47.93
|
Third Quarter
|
50.11
|
38.83
|
Fourth Quarter
|
49.07
|
39.50
|
2012
|
||
First Quarter
|
52.96
|
47.99
|
Second Quarter
|
56.59
|
49.30
|
Third Quarter
|
58.40
|
54.28
|
Fourth Quarter
|
59.28
|
54.00
|
2013
|
||
First Quarter
|
59.01
|
52.67
|
Second Quarter
|
68.07
|
56.22
|
Third Quarter
|
80.69
|
64.82
|
Fourth Quarter
|
91.04
|
73.97
|
2014
|
||
First Quarter
|
101.31
|
88.13
|
Second Quarter
|
101.47
|
92.25
|
Third Quarter
|
103.35
|
89.43
|
Fourth Quarter
|
110.47
|
93.85
|
2015
|
||
First Quarter
|
112.40
|
100.05
|
Second Quarter
|
110.01
|
95.68
|
Third Quarter
|
110.33
|
95.57
|
Fourth Quarter
|
127.95
|
107.77
|
2016
|
||
First Quarter
|
128.24
|
117.62
|
Second Quarter
|
136.66
|
123.23
|
Third Quarter (through the pricing date)
|
142.65
|
134.82
|
Accelerated Return Notes
®
|
TS-
12
|
Accelerated Return Notes
®
Linked to a Basket of Three Defense Industry Stocks, due November 24 , 2017 |
|
Accelerated Return Notes
®
|
TS-
13
|
Accelerated Return Notes
®
Linked to a Basket of Three Defense Industry Stocks, due November 24 , 2017 |
|
■
|
There is no statutory, judicial, or administrative authority directly addressing the characterization of the notes.
|
■
|
You agree with us (in the absence of an administrative determination, or judicial ruling to the contrary) to characterize and treat the notes for all tax purposes as a single financial contract with respect to the
Basket.
|
■
|
Under this characterization and tax treatment of the notes, a U.S. Holder (as defined beginning
on page 99 of the prospectus
) generally will recognize capital gain or loss upon maturity or upon a sale or exchange of the notes prior to maturity. This capital gain or loss generally will be long-term capital gain or loss if you held the notes for more than one year.
|
■
|
No assurance can be given that the
IRS
or any court will agree with this characterization and tax treatment.
|
Accelerated Return Notes
®
|
TS-
14
|
Accelerated Return Notes
®
Linked to a Basket of Three Defense Industry Stocks, due November 24 , 2017 |
|
Accelerated Return Notes
®
|
TS-
15
|
1 Year Bank of America Chart |
1 Month Bank of America Chart |
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