Published on 2/28/2020 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.07 million contingent income autocallable yield notes on three indexes
By Sarah Lizee
Olympia, Wash., Feb. 28 – BofA Finance LLC priced $1.07 million of contingent income autocallable yield notes due Aug. 26, 2021 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the Euro Stoxx Banks index, according to a 424B2 with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 9.2% if each index closes at or above its 70% coupon barrier on the related determination date.
The notes will be automatically redeemed at par if each index closes above its initial value on any quarterly call observation date.
The payout at maturity will be par plus the coupon if all three indexes close above their 60% trigger values on every trading day during the life of the notes.
Otherwise, investors will be fully exposed to any losses of the worst performing index.
The notes will be 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 autocallable yield notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index and Euro Stoxx Banks index
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| Amount: | $1,066,000
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| Maturity: | Aug. 26, 2021
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| Coupon: | 9.2% per year if each index closes at or above its coupon barrier on the related determination date; payable quarterly
|
| Price: | Par
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| Payout at maturity: | Par plus the coupon if all three indexes close above their trigger values on every trading day during life of notes; otherwise, investors will be fully exposed to any losses of the worst performing index
|
| Call: | Automatically redeemed at par if each index closes above initial value on any quarterly call observation date
|
| Initial levels: | 9,446.688 for Nasdaq, 1,678.609 for Russell, 98.44 for Stoxx Banks
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| Coupon barriers: | 6,612.682 for Nasdaq, 1,175.026 for Russell, 68.91 for Stoxx Banks; 70% of initial levels
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| Trigger values: | 6,612.682 for Nasdaq, 1,175.026 for Russell, 68.91 for Stoxx Banks; 70% of initial levels
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| Pricing date: | Feb. 21
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| Settlement date: | Feb. 26
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| Underwriter: | BofA Securities, Inc.
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| Fees: | 2.5%
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| Cusip: | 09709TA43
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