Published on 10/4/2019 in the Prospect News Structured Products Daily.
New Issue: BofA prices $5.28 million contingent income callable yield notes on S&P, Stoxx, Russell
By Kiku Steinfeld
Chicago, Oct. 4 – BofA Finance LLC priced $5.28 million of contingent income issuer callable yield notes due Sept. 14, 2022 linked to the least performing of the S&P 500 index, 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% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
After six months, the notes are callable at par plus the contingent coupon on any quarterly observation date other than the final one.
The payout at maturity will be par plus any coupon due unless any 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 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 yield notes
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Underlying indexes: | S&P 500, Euro Stoxx 50, Russell 2000
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Amount: | $5,284,000
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Maturity: | Sept. 14, 2022
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Coupon: | 8% annual rate, payable quarterly if each index closes at or above 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 plus any coupon due; otherwise 1% loss for each 1% decline of worst performing index
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Call option: | After six months, at par plus coupon on any quarterly observation date other than final one
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Initial levels: | 2,978.43 for S&P, 3,495.02 for Euro Stoxx, 1,524.231 for Russell
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Coupon barriers: | 2,084.90 for S&P, 2,446.51 for Euro Stoxx, 1,066.962 for Russell, 70% of initial levels
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Downside thresholds: | 1,787.06 for S&P, 2,097.01 for Euro Stoxx, 914.539 for Russell, 60% of initial levels
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Pricing date: | Sept. 9
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Settlement date: | Sept. 12
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Agent: | BofA Securities, Inc.
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Fees: | 1.5%
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Cusip: | 09709TVB4
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