Published on 2/28/2019 in the Prospect News Structured Products Daily.
New Issue: BofA sells $211,000 contingent income callables on Russell, Nasdaq
By Sarah Lizee
Olympia, Wash., Feb. 28 – BofA Finance LLC priced $211,000 of contingent income issuer callable notes due Feb. 28, 2022 linked to the worst performing of the Russell 2000 index and the Nasdaq-100 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 7% if each underlying index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes are callable at par on any coupon payment date beginning Aug. 28.
The payout at maturity will be par unless any index finishes below its 70% 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
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income issuer callable notes
|
| Underlying assets: | Russell 2000 index and Nasdaq-100 index
|
| Amount: | $211,000
|
| Maturity: | Feb. 28, 2022
|
| Coupon: | 7% annualized, payable quarterly if each index closes at or above its 70% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above threshold level, par; otherwise, 1% loss for each 1% decline of worst performing index
|
| Call option: | At par on any coupon payment date beginning Aug. 28
|
| Initial levels: | 7,115.426 for Nasdaq-100, 1,588.805 for Russell
|
| Coupon barriers: | 4,980.798 for Nasdaq-100, 1,112.164 for Russell, 70% of initial levels
|
| Threshold levels: | 4,980.798 for Nasdaq-100, 1,112.164 for Russell, 70% of initial levels
|
| Pricing date: | Feb. 25
|
| Settlement date: | Feb. 28
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2.5%
|
| Cusip: | 09709TMR9
|
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