Published on 10/23/2019 in the Prospect News Structured Products Daily.
New Issue: BofA prices $890,000 contingent income buffered autocalls on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Oct. 23 – BofA Finance LLC priced $890,000 of contingent income buffered autocallable securities due Oct. 21, 2022 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
Each quarter, the notes will pay a contingent coupon at the rate of 6.25% per year if each underlier closes at or above its coupon barrier level, 80% of its initial level, on the determination date for that quarter.
After one year, the notes will be automatically called at par if each underlier closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par unless either underlier finishes below its buffer level, 80% of its initial level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 20%.
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 buffered autocallable securities
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Underliers: | Russell 2000 index and S&P 500 index
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Amount: | $890,000
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Maturity: | Oct. 21, 2022
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Coupon: | 6.25% per year, payable quarterly if each underlier closes at or above coupon barrier level on determination date
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Price: | Par
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Payout at maturity: | Par unless either underlier finishes below buffer level, in which case 1% loss for every 1% that lesser-performing underlier declines beyond 20%
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Call: | After one year, automatically at par if each underlier closes at or above initial level on any quarterly determination date
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Initial levels: | 1,535.482 for Russell and 2,986.2 for S&P
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Coupon barriers: | 1,228.386 for Russell and 2,388.96 for S&P; 80% of initial levels
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Buffer levels: | 1,228.386 for Russell and 2,388.96 for S&P; 80% of initial levels
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Pricing date: | Oct. 18
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Settlement date: | Oct. 23
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Agent: | BofA Securities, Inc.
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Fees: | 0.5%
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Cusip: | 09709TWE7
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