Published on 1/24/2020 in the Prospect News Structured Products Daily.
New Issue: BofA prices $3.17 million contingent income callable yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Jan. 24 – BofA Finance LLC priced $3.17 million of contingent income issuer callable yield notes due Jan. 20, 2023 linked to the least performing of the MSCI Emerging Markets index, Euro Stoxx Banks Price 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 15% if each index closes at or above its coupon barrier, 80% of its initial level, on the observation date for that quarter.
After six months, the notes are callable at par plus the contingent coupon on any quarterly observation date other than the final one.
The payout at maturity will be par plus any coupon due unless any index finishes below its 70% 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 Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income issuer callable yield notes
|
| Underlying indexes: | MSCI Emerging Markets, Euro Stoxx Banks Price, Russell 2000
|
| Amount: | $3,166,000
|
| Maturity: | Jan. 20, 2023
|
| Coupon: | 15% annual rate, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par plus any coupon due; otherwise 1% loss for each 1% decline of worst performing index
|
| Call option: | After six months, at par plus coupon on any quarterly observation date other than final one
|
| Initial levels: | 1,146.83 for MSCI, 95.72 for Euro Stoxx, 1,649.635 for Russell
|
| Coupon barriers: | 917.46 for MSCI, 76.58 for Euro Stoxx, 1,359.708 for Russell, 80% of initial levels
|
| Downside thresholds: | 802.78 for S&P, 67.0 for Euro Stoxx, 1,189.745 for Russell, 70% of initial levels
|
| Pricing date: | Jan. 17
|
| Settlement date: | Jan. 23
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 09709TYZ8
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
