Published on 7/3/2019 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1 million contingent income autocalls on Russell, Stoxx Banks
By Sarah Lizee
Olympia, Wash., July 3 – BofA Finance LLC priced $1 million of contingent income autocallable notes due June 28, 2024 linked to the worse performing of the Russell 2000 index and the Euro Stoxx Banks Price 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 10% if each underlying index closes at or above its 66% 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 66% 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 Securities, Inc. 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 Banks Price index
|
| Amount: | $1 million
|
| Maturity: | June 28, 2024
|
| Coupon: | 10% annualized, payable quarterly if each index closes at or above 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: | 85.57 for Stoxx, 1,521.035 for Russell
|
| Coupon barriers: | 56.48 for Stoxx, 1,003.883 for Russell, or 66% of initial levels
|
| Downside thresholds: | 56.48 for Stoxx, 1,003.883 for Russell, or 66% of initial levels
|
| Pricing date: | June 25
|
| Settlement date: | June 28
|
| Underwriter: | BofA Securities, Inc.
|
| Fees: | 4%
|
| Cusip: | 09709TRU7
|
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