Published on 2/28/2019 in the Prospect News Structured Products Daily.
New Issue: BofA price $1.96 million contingent income autocalls on Russell, Stoxx
By Sarah Lizee
Olympia, Wash., Feb. 28 – BofA Finance LLC priced $1.96 million of contingent income autocallable notes due March 1, 2029 linked to the worse performing of the Russell 2000 index and the Euro Stoxx 50 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 8.25% if each underlying index closes at or above its 75% coupon barrier on the observation date for that quarter.
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 60% downside threshold, in which case investors will be fully exposed to any losses of the worse 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 autocallable notes
|
| Underlying assets: | Russell 2000 index and Euro Stoxx 50 index
|
| Amount: | $1,964,000
|
| Maturity: | March 1, 2029
|
| Coupon: | 8.25% annualized, payable quarterly if each index closes at or above 75% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Call: | At par if each component closes at or above its initial level on any interest payment 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
|
| Initial levels: | 3,280.01 for Stoxx, 1,588.805 for Russell
|
| Coupon barriers: | 2,460.01 for Stoxx, 1,191.604 for Russell; 75% of initial levels
|
| Downside thresholds: | 1,968.01 for Stoxx, 953.283 for Russell; 60% of initial levels
|
| Pricing date: | Feb. 25
|
| Settlement date: | Feb. 28
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 4.25%
|
| Cusip: | 09709TLH2
|
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