Published on 5/1/2019 in the Prospect News Structured Products Daily.
New Issue: BofA sells $14.84 million market-linked step-up autocalls on index basket
By Sarah Lizee
Olympia, Wash., May 1 – BofA Finance LLC priced $14.84 million of 0% autcallable market-linked step-up notes due April 26, 2024 linked to an international equity index basket, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The basket consists of the Euro Stoxx 50 index with an initial weight of 40%, the FTSE 100 index with an initial weight of 20%, the Nikkei Stock Average index with an initial weight of 20%, the Swiss Market index with an initial weight of 7.5%, the S&P/ASX 200 index with an initial weight of 7.5% and the Hang Seng index with an initial weight of 5%.
The notes will be called at par plus 10.1% a year if basket closes at or above initial level on an annual call date.
If the basket finishes above its step-up level – 150% of the initial level – the payout at maturity will be par plus the gain.
If the basket gains by up to the step-up level, the payout will be par plus the step-up return of 50%.
Investors will receive par if the basket declines by up to 15% and will be exposed to any losses beyond the buffer.
BofA Merrill Lynch is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying basket: | Euro Stoxx 50 index (40% weight), FTSE 100 index (20% weight), Nikkei Stock Average index (20% weight), Swiss Market index (7.5% weight), the S&P/ASX 200 index (7.5% weight) and the Hang Seng index (5% weight)
|
| Amount: | $14,842,940
|
| Maturity: | April 26, 2024
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Call: | At par plus 10.1% a year if basket closes at or above initial level on an annual call date
|
| Payout at maturity: | If basket finishes at or above the step-up level, par plus gain; if basket gains by up to step-up level, par plus 50%; par if the basket declines by up to 15%; exposure to any losses beyond the buffer
|
| Step-up level: | 150% of initial level
|
| Initial index levels: | 3,491.92 for Stoxx, 7,434.13 for FTSE, 22,307.58 for Nikkei, 9,694.06 for Swiss, 6,385.646 for S&P/ASX, 29,549.80 for Hang Seng
|
| Pricing date: | April 25
|
| Settlement date: | May 2
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 097098560
|
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