Published on 5/14/2019 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.47 million contingent income callables on three indexes
By Sarah Lizee
Olympia, Wash., May 14 – BofA Finance LLC priced $1.47 million of contingent income issuer callable notes due May 14, 2025 linked to the worst performing of the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.5% if each underlying index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes are callable in whole at par on any determination date after six months.
The payout at maturity will be par unless any index finishes below its 70% downside threshold, 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, S&P 500 index and Dow Jones industrial average
|
| Amount: | $1,471,000
|
| Maturity: | May 14, 2025
|
| Coupon: | 8.5% annualized, payable quarterly if each index closes at or above 70% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
|
| Call option: | In whole at par on any interest payment date beginning May 31, 2019
|
| Initial levels: | 2,884.05 for S&P, 1,582.312 for Russell, 25,965.09 for Dow
|
| Downside thresholds/coupon barriers: | 2,018.84 for S&P, 1,107.618 for Russell, 18,175.56 for Dow; 70% of initial levels
|
| Pricing date: | May 9
|
| Settlement date: | May 14
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 0.25%
|
| Cusip: | 09709TRA1
|
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