Published on 2/28/2019 in the Prospect News Structured Products Daily.
New Issue: BofA sells $457,000 contingent income autocallables on three indexes
By Sarah Lizee
Olympia, Wash., Feb. 28 – BofA Finance LLC priced $457,000 of contingent income autocallable notes due March 1, 2029 linked to the worst performing of the Euro Stoxx 50 index, the S&P 500 index and the Russell 2000 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 7.15% if each underlying index closes at or above its 70% coupon barrier on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any determination date after one year.
The payout at maturity will be par unless any underlying index finishes below its 50% 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 autocallable notes
|
| Underlying indexes: | Euro Stoxx 50 index, S&P 500 index, Russell 2000 index
|
| Amount: | $457,000
|
| Maturity: | March 1, 2029
|
| Coupon: | 7.15% annualized, payable quarterly if each index closes at or above its 70% coupon barrier on observation date for that period
|
| 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: | At par if each component closes at or above its initial level on any interest payment date after one year
|
| Initial levels: | 2,796.11 for S&P, 1,588.805 for Russell, 3,280.01 for Stoxx
|
| Coupon barriers: | 1,957.28 for S&P, 1,112.164 for Russell, 2,296.01 for Stoxx, 70% of initial levels
|
| Threshold levels: | 1,398.06 for S&P, 794.403 for Russell, 1,640.01 for Stoxx, 50% of initial levels
|
| Pricing date: | Feb. 25
|
| Settlement date: | Feb. 28
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 4%
|
| Cusip: | 09709TND9
|
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