Published on 3/25/2020 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.7 million buffered enhanced return notes linked to S&P 500
By Wendy Van Sickle
Columbus, Ohio, March 25 – BofA Finance LLC priced $1.7 million of 0% buffered enhanced return securities due March 17, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index’s final level is greater than the initial level, the payout at maturity will be par plus 300% of the index return, capped at par plus 50%. Investors will receive par if the index declines by 10% or less and will lose 1% for every 1% that it may decline beyond 10%.
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: | Buffered enhanced return securities
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Underlying index: | S&P 500
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Amount: | $1.7 million
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Maturity: | March 17, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index’s final level is greater than initial level, par plus 300% of index return, capped at par plus 50%; par if index declines by 10% or less; 1% loss for every 1% that index may decline beyond 10%
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Initial level: | 2,480.64
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Buffer level: | 2,232.58, or 90% of initial level
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Strike date: | March 12
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Pricing date: | March 13
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Settlement date: | March 18
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Agent: | BofA Securities, Inc.
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Fees: | 4.25%
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Cusip: | 09709TD81
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