Published on 12/26/2018 in the Prospect News Structured Products Daily.
New Issue: BofA sells $407,000 contingent income autocallables on Russell, Stoxx
By Sarah Lizee
Olympia, Wash., Dec. 26 – BofA Finance LLC priced $407,000 of contingent income autocallable notes due Dec. 26, 2028 linked to the worse performing of the Euro Stoxx 50 index and the Russell 2000 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 8.9% if each underlying index closes at or above its 75% coupon barrier on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any determination date after one year.
The payout at maturity will be par unless either underlying index finishes below its 60% threshold level, 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 Merrill Lynch is the agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Contingent income autocallable notes
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Underlying indexes: | Euro Stoxx 50 index, Russell 2000 index
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Amount: | $407,000
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Maturity: | Dec. 26, 2028
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Coupon: | 8.9% annualized, payable quarterly if each index closes at or above its 75% coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | If each index finishes at or above threshold level, par; otherwise, 1% loss for each 1% decline of worst performing index
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Call: | At par if each component closes at or above its initial level on any interest payment date after one year
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Initial levels: | 3,000.61 for Stoxx, 1,292.086 for Russell
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Coupon barriers: | 2,250.46 for Stoxx, 969.065 for Russell, 75% of initial levels
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Threshold levels: | 1,800.37 for Stoxx, 775.252 for Russell, 60% of initial levels
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Pricing date: | Dec. 21
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Settlement date: | Dec. 27
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Underwriter: | BofA Merrill Lynch
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Fees: | 4.25%
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Cusip: | 09709TJQ5
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