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BofA Finance plans market-linked step-up notes tied to S&P 500
By Marisa Wong
Morgantown, W.Va., May 22 – BofA Finance LLC plans to price 0% market-linked step-up notes due June 2019 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Bank of America Corp. will guarantee the notes.
If the index finishes above the step-up level – 110% to 116% of the initial level – the payout at maturity will be par plus the gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up return of 10% to 16%.
Investors will be exposed to any index decline.
BofA Merrill Lynch is the agent.
The notes will price in May and settle in June.
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