Published on 6/13/2019 in the Prospect News Structured Products Daily.
New Issue: BofA prices $610,000 contingent income callables on three indexes
Chicago, June 13 – BofA Finance LLC priced $610,000 of contingent income issuer callable notes due June 9, 2022 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.3% if each underlying index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes are callable in whole at par on any contingent payment date beginning Dec. 9 and ending March 9, 2022.
The payout at maturity will be par plus any coupon due unless any index finishes below its 60% downside threshold, in which case investors will be fully exposed to any losses of the worst performing index.
The notes are guaranteed by Bank of America Corp.
BofA Securities Inc. is the agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Contingent income issuer callable notes
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Underlying assets: | Dow Jones industrial average, Russell 2000 and the Nasdaq-100
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Amount: | $610,000
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Maturity: | June 9, 2022
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Coupon: | 8.3% annualized, payable quarterly if each index closes at or above 70% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
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Call option: | In whole at par on any contingent payment date beginning Dec. 9 and ending March 9, 2022
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Initial levels: | 25,332.18 for Dow, 1,508.561 for Russell, 7,166.746 for Nasdaq
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Coupon barriers: | 17,732.53 for Dow, 1,055.993 for Russell, 5,016.722 for Nasdaq; 70% of initial levels
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Threshold values: | 15,199.31 for Dow, 905.137 for Russell, 4,300.048 for Nasdaq; 60% of initial levels
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Pricing date: | June 4
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Settlement date: | June 7
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Underwriter: | BofA Securities Inc.
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Fees: | 0.6%
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Cusip: | 09709TSC6
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