Obligation America Bank Corporation 2.5% ( US06048WVB35 ) en USD

America Bank Corporation

100 % ▲

Etas-Unis

US06048WVB35 ( en USD )

2.5% par an ( paiement semestriel )

28/11/2025

Prospectus brochure de l'obligation Bank of America Corporation US06048WVB35 en USD 2.5%, échéance 28/11/2025

1 000 USD

06048WVB3

N/A

28/11/2025 ( Dans 162 jours )

Bank of America Corporation est une société de services financiers multinationale américaine offrant une large gamme de produits et services bancaires aux particuliers, aux entreprises et aux institutions financières, notamment des services de dépôt, de prêt, d'investissement et de gestion de patrimoine.

L'Obligation émise par America Bank Corporation ( Etas-Unis ) , en USD, avec le code ISIN US06048WVB35, paye un coupon de 2.5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 28/11/2025

424B2 1 e76184_424b2.htm PRICING SUPPLEMENT
November 2017
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-202354
Preliminary Pricing Supplement
Dated October 24, 2017
(Subject to Completion)
Step Up Callable Notes, due November 28, 2025
The Step Up Callable Notes (the "notes") are senior unsecured obligations of Bank of America Corporation. All payments due on the
notes, including the payment of principal and interest, will be subject to our credit risk. The notes will be issued in
minimum denominations of $1,000, and whole multiples of $1,000. The notes are senior debt securities issued by Bank of America Corporation,
and are not guaranteed or insured by the FDIC or secured by collateral. The notes will not be listed on any securities exchange.
SUMMARY TERMS*
Issuer:
Bank of America Corporation ("BAC")
Stated principal amount:
$1,000 per note
Pricing date:
November 22, 2017
Original issue date:
November 28, 2017 (3 business days after the pricing date)
Maturity date:
November 28, 2025
Payment at maturity:
The payment at maturity per note will be the stated principal amount plus accrued and unpaid interest.
Interest rate:
The notes will accrue interest at the following rates per annum during the indicated periods of their
term:
· Years 1-3 (November 28, 2017 to but excluding November 28, 2020): 2.50%;
· Years 4-6 (November 28, 2020 to but excluding November 28, 2023): 3.50%; and
· Years 7-8 (November 28, 2023 to but excluding November 28, 2025): 5.00%.
Each semi-annual interest period (other than the first interest period, which will begin on the issue
date) will begin on, and will include, an interest payment date, and will extend to, but will exclude, the
next succeeding interest payment date (or the maturity date, as applicable).
Interest day count fraction:
30/360
Coupon interest rule:
Following business day convention, subject to no adjustment for coupon period end dates.
Interest payment dates:
May 28 and November 28 of each year, beginning on May 28, 2018, subject to adjustment as
described in the prospectus if any such date is not a business day, with the final interest payment date
occurring on the maturity date.
Record Dates for Interest
For book-entry only notes, one business day in New York, New York prior to the payment date. If notes
Payments:
are not held in book-entry only form, the record dates will be the first day of the month in which the
applicable interest payment is due.
Optional Early Redemption:
We have the right to redeem all, but not less than all, of the notes on November 28, 2018, and on each
subsequent interest payment date (other than the maturity date). The redemption price will be 100% of
the principal amount of the notes, plus any accrued and unpaid interest. In order to call the notes, we
will give notice to the senior trustee at least five business days but not more than 60 calendar days
before the specified early redemption date.
Repayment at Option of Holder: None.
Selling agent:
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S"). See "Additional Information About the
Notes--Supplemental information regarding plan of distribution; conflicts of interest."
CUSIP:
06048WVB3
Commissions and issue price:
Public offering price
Selling agent's
Proceeds to issuer
commissions(1)
Per note
$1,000.00
$10.00
$990.00
Total
$
$
$
(1)
Selected dealers and their financial advisors will collectively receive from the selling agent, MLPF&S, a fixed sales commission of $10.00 for each note
that they sell. See "Additional Information About the Notes--Supplemental information regarding plan of distribution; conflicts of interest."
* The pricing date and the other dates set forth above are subject to change, and will be set forth in the final pricing supplement relating to the notes.
The notes are unsecured and are not savings accounts, deposits, or other obligations of a bank. The notes are not
guaranteed by Bank of America, N.A. or any other bank, are not insured by the Federal Deposit Insurance
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Corporation (the "FDIC") or any other governmental agency and involve investment risks. Potential purchasers of
the notes should consider the information in "Risk Factors" beginning on page PS-3 of this preliminary pricing
supplement, page S-5 of the attached prospectus supplement, and page 9 of the attached prospectus.
None of the Securities and Exchange Commission (the "SEC"), any state securities commission, or any other
regulatory body has approved or disapproved of these notes or passed upon the adequacy or accuracy of this
preliminary pricing supplement or the accompanying prospectus supplement or prospectus. Any representation to
the contrary is a criminal offense.
We will deliver the notes in book-entry form only through The Depository Trust Company on or about November 28, 2017 against payment in
immediately available funds.
Series M MTN prospectus supplement dated September 11, 2017 and prospectus dated May 1, 2015

Step Up Callable Notes, due November 28, 2025
About the Notes
General
You should read carefully the entire preliminary pricing supplement, prospectus supplement, and prospectus to understand fully the terms of the
notes, as well as the tax and other considerations important to you in making a decision about whether to invest in the notes. In particular, you
should review carefully the section in this preliminary pricing supplement entitled "Risk Factors," which highlights a number of risks, to determine
whether an investment in the notes is appropriate for you.
Certain capitalized terms used and not defined in this preliminary pricing supplement have the meanings ascribed to them in the prospectus
supplement and prospectus.
You are urged to consult with your own attorneys and business and tax advisors before making a decision to purchase any of the notes.
The information in this section is qualified in its entirety by the more detailed explanation set forth elsewhere in this preliminary pricing
supplement and the accompanying prospectus supplement and prospectus. You should rely only on the information contained in this preliminary
pricing supplement and the accompanying prospectus supplement and prospectus. We have not authorized any other person to provide you
with different information. If anyone provides you with different or inconsistent information, you should not rely on it. Neither of us nor MLPF&S is
making an offer to sell these notes in any jurisdiction where the offer or sale is not permitted. You should assume that the information in this
preliminary pricing supplement, the accompanying prospectus supplement, and prospectus is accurate only as of the date on their respective
front covers.
Unless otherwise indicated or unless the context requires otherwise, all references in this preliminary pricing supplement to "we," "us," "our," or
similar references are to Bank of America Corporation.
Interest Payments
The notes will accrue interest during the following periods at the following rates per annum:
Dates:
Annual Rate:
November 28, 2017 to but excluding November 28, 2020
2.50%
November 28, 2020 to but excluding November 28, 2023
3.50%
November 28, 2023 to but excluding November 28, 2025
5.00%
Each semi-annual interest period (other than the first interest period, which will begin on the issue date) will begin on, and will include, an
interest payment date, and will extend to, but will exclude, the next succeeding interest payment date (or the maturity date, as applicable). The
interest payment dates will be May 28 and November 28 of each year, beginning on May 28, 2018, with the final interest payment date
occurring on the maturity date.

November 2017
Page PS-2
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Step Up Callable Notes, due November 28, 2025
Risk Factors
Your investment in the notes entails significant risks, many of which differ from those of a conventional debt security. Your decision to purchase
the notes should be made only after carefully considering the risks of an investment in the notes, including those discussed below, with your
advisors in light of your particular circumstances. The notes are not an appropriate investment for you if you are not knowledgeable about
significant elements of the notes or financial matters in general.
The notes are subject to our early redemption. We may redeem all, but not less than all, of the notes on any interest payment
date on or after November 28, 2018 (other than the maturity date). If you intend to purchase the notes, you must be willing to have your
notes redeemed as early as that date. We are generally more likely to elect to redeem the notes during periods when the remaining interest
to be accrued on the notes is to accrue at a rate that is greater than that which we would pay on our other interest bearing debt securities
having a maturity comparable to the remaining term of the notes.
If we redeem the notes prior to the maturity date, you may not be able to reinvest your proceeds from the redemption in an investment with
a return that is as high as the return on the notes would have been if they had not been redeemed, or that have a similar level of risk. No
further payments will be made on the notes after they have been redeemed.
Step-up notes present different investment considerations than fixed-rate notes. The rate of interest paid by us on the
notes will increase upward from the initial stated rate of interest on the notes. The notes are callable by us, in whole but not in part, prior to
maturity and, therefore, contain the redemption risk described above. If we do not call the notes, the interest rate will step up as described
on the cover of this pricing supplement. Unless general interest rates rise significantly, you should not expect to earn the highest scheduled
interest rate set forth on the cover of this pricing supplement because the notes are likely to be called prior to maturity if interest rates
remain the same or fall during their term. When determining whether to invest in a step-up fixed rate note, you should not focus on the
highest stated interest rate, which usually is the final step-up rate of interest. You should instead consider, among other things, the overall
annual percentage rate of interest to maturity or the various potential redemption dates as compared to other investment alternatives.
An investment in the notes may be more risky than an investment in notes with a shorter term. The notes have a
term of 8 years, subject to our right to call the notes as set forth in this pricing supplement. By purchasing notes with a relatively longer
term, you are more exposed to fluctuations in interest rates than if you purchased a note with a shorter term. In particular, you may be
negatively affected if interest rates begin to rise, because the likelihood that we will redeem your notes will decrease and the interest rate on
the notes may be less than the amount of interest you could earn on other investments with a similar level of risk available at that time. In
addition, if you tried to sell your notes at such time, their value in any secondary market transaction would also be adversely affected.
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. The notes are our senior unsecured debt securities. As a result, your receipt of all
payments of interest and principal on the notes is dependent upon our ability to repay our obligations on the applicable payment date. No
assurance can be given as to what our financial condition will be at any time during the term of the notes or on the maturity date. If we
become unable to meet our financial obligations as they become due, you may not receive the amounts payable under the terms of the
notes.
Our credit ratings are an assessment by ratings agencies of our ability to pay our obligations. Consequently, our perceived creditworthiness
and actual or anticipated decreases in our credit ratings or increases in our credit spreads prior to the maturity date of the notes may
adversely affect the market value of the notes. However, because your return on the notes depends upon factors in addition to our ability to
pay our obligations, such as the difference between the interest rates accruing on the notes and current market interest rates, an
improvement in our credit ratings will not reduce the other investment risks related to the notes.
We have included in the terms of the notes the costs of developing, hedging, and distributing them, and the
price, if any, at which you may sell the notes in any secondary market transaction will likely be lower than the
public offering price due to, among other things, the inclusion of these costs. In determining the economic terms of the
notes, and consequently the potential return on the notes to you, a number of factors are taken into account. Among these factors are
certain costs associated with developing, hedging, and offering the notes.
Assuming there is no change in market conditions or any other relevant factors, the price, if any, at which the selling agent or another
purchaser might be willing to purchase the notes in a secondary market transaction is expected to be lower than the price
November 2017
Page PS-3
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Step Up Callable Notes, due November 28, 2025
that you paid for them. This is due to, among other things, the inclusion of these costs, and the costs of unwinding any relating hedging.
The quoted price of any of our affiliates for the notes could be higher or lower than the price that you paid for them.
We cannot assure you that a trading market for your notes will ever develop or be maintained. We will not list the
notes on any securities exchange. We cannot predict how the notes will trade in any secondary market, or whether that market will be liquid
or illiquid.
The development of a trading market for the notes will depend on our financial performance and other factors. The number of potential
buyers of the notes in any secondary market may be limited. We anticipate that our affiliate, MLPF&S, will act as a market-maker for the
notes, but neither MLPF&S nor any of our other affiliates is required to do so. MLPF&S may discontinue its market-making activities as to
the notes at any time. To the extent that MLPF&S engages in any market-making activities, it may bid for or offer the notes. Any price at
which MLPF&S may bid for, offer, purchase, or sell any notes may differ from the values determined by pricing models that it may use,
whether as a result of dealer discounts, mark-ups, or other transaction costs. These bids, offers, or completed transactions may affect the
prices, if any, at which the notes might otherwise trade in the market.
In addition, if at any time MLPF&S were to cease acting as a market-maker for the notes, it is likely that there would be significantly less
liquidity in the secondary market and there may be no secondary market at all for the notes. In such a case, the price at which the notes
could be sold likely would be lower than if an active market existed, and you should be prepared to hold the notes until maturity.
Many economic and other factors will impact the market value of the notes. The market for, and the market value of, the
notes may be affected by a number of factors that may either offset or magnify each other, including:
o
the time remaining to maturity of the notes;
o
the aggregate amount outstanding of the notes;
o
our right to redeem the notes on the dates set forth above;
o
the level, direction, and volatility of market interest rates generally (in particular, increases in U.S. interest rates, which may
cause the market value of the notes to decrease);
o
general economic conditions of the capital markets in the United States;
o
geopolitical conditions and other financial, political, regulatory, and judicial events that affect the capital markets generally;
o
our financial condition and creditworthiness; and
o
any market-making activities with respect to the notes.
Our trading and hedging activities may create conflicts of interest with you. We or one or more of our affiliates, including
MLPF&S, may engage in trading activities related to the notes that are not for your account or on your behalf. We expect to enter into
arrangements to hedge the market risks associated with our obligation to pay the amounts due under the notes. We may seek competitive
terms in entering into the hedging arrangements for the notes, but are not required to do so, and we may enter into such hedging
arrangements with one of our subsidiaries or affiliates. This hedging activity is expected to result in a profit to those engaging in the hedging
activity, which could be more or less than initially expected, but which could also result in a loss for the hedging counterparty. These trading
and hedging activities may present a conflict of interest between your interest in the notes and the interests we and our affiliates may have
in our proprietary accounts, in facilitating transactions for our other customers, and in accounts under our management.
November 2017
Page PS-4
Step Up Callable Notes, due November 28, 2025
Additional Information About the Notes
Please read this information in conjunction with the summary terms on the front cover of this document.
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Additional provisions:

The notes:
The notes are part of a series of medium-term notes entitled "Medium-Term Notes, Series M" issued under the
Senior Indenture, as amended and supplemented from time to time. The Senior Indenture is described more
fully in the accompanying prospectus supplement and prospectus. The following description of the notes
supplements the description of the general terms and provisions of the notes and debt securities set forth
under the headings "Description of the Notes" in the prospectus supplement and "Description of Debt
Securities" in the prospectus. These documents should be read in connection with this preliminary pricing
supplement.
Prior to maturity, the notes are not repayable at your option. The notes are not subject to any sinking fund.
The notes will be issued in book-entry form only.
Record dates for interest For book-entry only notes, one business day in New York, New York prior to the payment date. If notes are not
payments:
held in book-entry only form, the record dates will be the fifteenth calendar day preceding such interest payment
date, whether or not such record date is a business day.
Redemption at our
We have the right to redeem all, but not less than all, of the notes on November 28, 2018, and on each
option:
subsequent interest payment date (other than the maturity date). The redemption price will be 100% of the
principal amount of the notes, plus any accrued and unpaid interest. In order to call the notes, we will give
notice to the senior trustee at least five business days but not more than 60 calendar days before the specified
early redemption date.
Redemption at option of None
holder:
Minimum ticketing size:
$1,000
Interest:
The notes will accrue interest at the following rates per annum during the indicated year of their term:
Years 1-3 (November 28, 2017 to but excluding November 28, 2020): 2.50%;
Years 4-6 (November 28, 2020 to but excluding November 28, 2023): 3.50%; and
Years 7-8 (November 28, 2023 to but excluding November 28, 2025): 5.00%.
Each semi-annual interest period (other than the first interest period, which will begin on the issue date) will
begin on, and will include, an interest payment date, and will extend to, but will exclude, the next succeeding
interest payment date (or the maturity date, as applicable).
Calculation agent:
Merrill Lynch Capital Services, Inc. ("MLCS")
Role of the calculation
The calculation agent has the sole discretion to make all determinations regarding the notes, including
agent:
determinations regarding each interest payment and business days. Absent manifest error, all determinations
of the calculation agent will be final and binding on you and us, without any liability on the part of the
calculation agent.
We have initially appointed our subsidiary, MLCS, as the calculation agent, but we may change the calculation
agent at any time without notifying you.
Same-day settlement and The notes will be delivered in book-entry form only through The Depository Trust Company against payment by
payment:
purchasers of the notes in immediately available funds. We will make payments of the principal amount and
each interest payment in immediately available funds so long as the notes are maintained in book-entry form.
November 2017
Page PS-5
Step Up Callable Notes, due November 28, 2025

Supplemental information Our broker-dealer subsidiary, MLPF&S, will act as our selling agent in connection with the offering of the notes.
regarding plan of
The selling agent is a party to the Distribution Agreement described in the "Supplemental Plan of Distribution
distribution; conflicts of (Conflicts of Interest)" on page S-24 of the accompanying prospectus supplement.
interest:
MLPF&S will sell the notes to other broker-dealers that will participate in the offering and that are not affiliated
with us, at an agreed discount to the principal amount. Each of those broker-dealers may sell the notes to one
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or more additional broker-dealers. MLPF&S has informed us that these discounts may vary from dealer to
dealer and that not all dealers will purchase or repurchase the notes at the same discount.
The selling agent is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Accordingly, the
offering of the notes will conform to the requirements of FINRA Rule 5121.
The selling agent is not your fiduciary or advisor solely as a result of the offering of the notes, and you should
not rely upon this preliminary pricing supplement, or the accompanying prospectus or prospectus supplement
as investment advice or a recommendation to purchase notes. You should make your own investment decision
regarding the notes after consulting with your legal, tax, and other advisors.
We expect that settlement of the notes will occur on or about November 28, 2017.
We will deliver the notes against payment therefor in New York, New York on a date that is greater than two
business days following the pricing date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in
the secondary market generally are required to settle in two business days, unless the parties to any such trade
expressly agree otherwise. Accordingly, purchasers who wish to trade the notes more than two business days
prior to the original issue date will be required to specify alternative settlement arrangements to prevent a failed
settlement.
The selling agent and any of our other broker-dealer affiliates, may use the final pricing supplement for this
offering, and the accompanying prospectus supplement and prospectus for offers and sales in secondary
market transactions and market-making transactions in the notes. However, they are not obligated to engage in
such secondary market transactions and/or market-making transactions. The selling agent may act as principal
or agent in these transactions, and any such sales will be made at prices related to prevailing market
conditions at the time of the sale.
Any price that MLPF&S may pay to repurchase the notes will depend upon then prevailing market conditions
and other considerations, as mentioned above, and will include transaction costs.
Contact:
Morgan Stanley Wealth Management clients may contact their local Morgan Stanley branch office or Morgan
Stanley's principal executive offices at 1585 Broadway, New York, New York 10036 (telephone number (866)
477-4776). All other clients may contact their local brokerage representative. Third-party distributors may
contact Morgan Stanley Structured Investment Sales at (800) 233-1087.
Where you can find more We have filed a registration statement (including a prospectus supplement and a prospectus) with the SEC for
information:
the offering to which this preliminary pricing supplement relates. Before you invest, you should read these
documents, this document, and the other documents that we have filed with the SEC, for more complete
information about us and this offering. You may get these documents without cost by visiting EDGAR on the
SEC website at www.sec.gov. Alternatively, we, any agent, or any dealer participating in this offering will
arrange to send you these documents if you so request by calling MLPF&S toll-free at 1-800-294-1322.
The terms and risks of the notes are contained in this document and in the following:
¡ Series M MTN prospectus supplement dated September 11, 2017 and prospectus dated May 1, 2015:
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November 2017
Page PS-6
Step Up Callable Notes, due November 28, 2025
U.S. Federal Income Tax Summary
The following summary of the material U.S. federal income tax considerations of the acquisition, ownership, and disposition of the notes is based
upon the advice of Morrison & Foerster LLP, our tax counsel. The following discussion is not exhaustive of all possible tax considerations. This
summary is based upon the Internal Revenue Code of 1986, as amended (the "Code"), regulations promulgated under the Code by the U.S.
Treasury Department (including proposed and temporary regulations), rulings, current administrative interpretations and official pronouncements
of the Internal Revenue Service (the "IRS"), and judicial decisions, all as currently in effect and all of which are subject to differing
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interpretations or to change, possibly with retroactive effect. No assurance can be given that the IRS would not assert, or that a court would not
sustain, a position contrary to any of the tax consequences described below.
The following discussion supplements, is subject to the same qualifications and limitations as, and should be read in conjunction with the
discussion in the prospectus supplement under the caption "U.S. Federal Income Tax Considerations," and in the prospectus under the caption
"U.S. Federal Income Tax Considerations." To the extent inconsistent, the following discussion supersedes the discussion in the prospectus
supplement and the prospectus.
This discussion only applies to U.S. holders (as defined in the accompanying prospectus) that are not excluded from the discussion of U.S.
federal income taxation in the accompanying prospectus. In particular, this summary is directed solely to U.S. holders that will purchase the
notes upon original issuance and will hold the notes as capital assets within the meaning of Section 1221 of the Code, which generally means as
property held for investment. This summary assumes that the issue price of the notes, as determined for U.S. federal income tax purposes,
equals the principal amount thereof.
The notes will be treated as debt instruments for U.S. federal income tax purposes. The notes provide for an initial fixed rate of interest that
increases in subsequent periods. In addition, the notes provide us with the right to redeem the notes on November 28, 2018 and on each
subsequent interest payment date at a redemption price equal to 100% of the principal amount of the notes, plus any accrued and unpaid
interest. Solely for purposes of computing the yield and maturity of a debt instrument, applicable Treasury regulations generally deem an issuer
to exercise a call option in a manner that minimizes the yield on the debt instrument. This assumption is made solely for U.S. federal income tax
purposes of determining whether the notes are issued with original issue discount ("OID") and is not an indication of our intention to call or not to
call the notes at any time. The yield on the notes would be minimized if we call the notes on November 28, 2020. Accordingly, solely for
purposes of determining the yield and maturity of the notes we are deemed to exercise our right to redeem the notes on such date and the notes
should be treated as maturing on that date. Therefore, the notes should not be treated as having been issued with OID. If we do not call the
notes on such date, solely for purposes of determining the yield and maturity of the notes, the notes should be deemed to be retired and
reissued for an amount equal to their adjusted issue price on that date. This deemed retirement and reissuance should not result in any taxable
gain or loss to you. Solely for purposes of determining yield and maturity, the deemed reissued notes should be subject to the rules discussed
above. By application of those rules, the deemed reissued notes should be treated as fixed rate debt instruments not bearing OID. The same
analysis would apply to each subsequent interest rate step up date.
You should consult the discussion under "U.S. Federal Income Tax Considerations--Taxation of Debt Securities--Consequences to U.S.
Holders" as it relates to fixed rate debt instruments not bearing OID in the accompanying prospectus for a description of the consequences to
you of the ownership and disposition of the notes.
Upon the sale, exchange, retirement, or other disposition of a note, a U.S. holder will recognize gain or loss equal to the difference between the
amount realized upon the sale, exchange, retirement, or other disposition (less an amount equal to any accrued interest not previously included
in income if the note is disposed of between interest payment dates, which will be included in income as interest income for U.S. federal income
tax purposes) and the U.S. holder's adjusted tax basis in the note. A U.S. holder's adjusted tax basis in a note generally will be the cost of the
note to such U.S. holder, increased by any OID, market discount, de minimis OID, or de minimis market discount previously included in income
with respect to the note, and decreased by the amount of any premium previously amortized to reduce interest on the note and the amount of
any payment (other than a payment of qualified stated interest) received in respect of the note.
Except as discussed in the prospectus with respect to market discount, gain or loss realized on the sale, exchange, retirement, or other
disposition of a note generally will be capital gain or loss and will be long-term capital gain or loss if the note has been held for more than one
year. The ability of U.S. holders to deduct capital losses is subject to limitations under the Code.

You should consult your own tax advisor concerning the U.S. federal income tax consequences to you of acquiring, owning, and disposing of
the notes, as well as any tax consequences arising under the laws of any state, local, foreign, or other tax jurisdiction and the possible effects of
changes in U.S. federal or other tax laws.
November 2017
Page PS-7

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Document Outline

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