Published on 2/28/2019 in the Prospect News Structured Products Daily.
New Issue: BofA prices $607,000 contingent income autocalls tied to Russell, S&P
By Sarah Lizee
Olympia, Wash., Feb. 28 – BofA Finance LLC priced $607,000 of contingent income issuer autocallable notes due Aug. 28, 2026 linked to the worse performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 5.25% if each underlying index closes at or above its 80% coupon barrier on the observation date for that month.
The notes will be called at par if each underlying component closes at or above its initial level on any determination date after one year.
The payout at maturity will be par unless either index finishes below its 80% downside threshold, in which case investors will be exposed to any losses of the worse performing index beyond 20%.
The notes are guaranteed by Bank of America Corp.
BofA Merrill Lynch is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income issuer autocallable notes
|
| Underlying assets: | Russell 2000 index and S&P 500 index
|
| Amount: | $607,000
|
| Maturity: | Aug. 28, 2026
|
| Coupon: | 5.25% annualized, payable monthly if each index closes at or above 80% coupon barrier on observation date for that month
|
| Price: | Par
|
| Call: | At par if each component closes at or above its initial level on any review date after one year
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worse performing index beyond 20%
|
| Initial levels: | 1,588.805 for Russell and 2,796.11 for S&P
|
| Downside thresholds: | 1,271.044 for Russell and 2,236.89 for S&P, 80% of initial levels
|
| Pricing date: | Feb. 25
|
| Settlement date: | Feb. 28
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 4%
|
| Cusip: | 09709TMX6
|
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