Published on 10/16/2019 in the Prospect News Structured Products Daily.
New Issue: BofA sells $2 million contingent income autocallable yield notes on Russell, Stoxx, EM ETF
By Wendy Van Sickle
Columbus, Ohio, Oct. 16 – BofA Finance LLC priced $2 million of contingent income autocallable yield notes due Oct. 14, 2021 linked to the worst performing of the iShares MSCI Emerging Markets ETF, 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 9.95% if each underlying asset closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par on if each asset closes above its initial level on any determination date.
The payout at maturity will be par unless any asset finishes below its 65% threshold level, in which case investors will be fully exposed to any losses of the worst performing asset.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
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| Underlying assets: | Russell 2000 index, Euro Stoxx 50 index, iShares MSCI Emerging Markets ETF
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| Amount: | $2 million
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| Maturity: | Oct. 14, 2021
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| Coupon: | 9.95% annualized, payable quarterly if each asset closes at or above its coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each asset finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing asset
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| Call: | At par if each asset closes above its initial level on any determination date
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| Initial levels: | 1,500.702 for Russell, 3,446.71 for Stoxx, $40.97 for ETF
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| Coupon barriers: | 1,050.491 for Russell, 2,412.7 for Stoxx, $28.68 for ETF, 70% of initial levels
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| Downside thresholds: | 975.456 for Russell, 2,240.36 for Stoxx, $26.63 for ETF, 65% of initial levels
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| Strike date: | Oct. 4
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| Pricing date: | Oct. 8
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| Settlement date: | Oct. 10
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| Underwriter: | BofA Securities, Inc.
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| Fees: | 0.25%
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| Cusip: | 09709TWF4
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