BofA eyes five-year market-linked step-up autocallables on Euro Stoxx

By Devika Patel

Knoxville, Tenn., April 6 – BofA Finance LLC plans to price autocallable market-linked step-up notes due April 2023 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Bank of America Corp.

The notes will be called at an annual call premium of 10% to 11% if the index closes at or above its initial level on the annual observation dates beginning in May 2019. The exact call premium will be set at pricing.

If the index finishes above the step-up level – 140% of the initial level – the payout at maturity will be par of $10 plus the index gain.

If the index is unchanged or gains by up to the step-up level, the payout will be par plus the step-up payment of 40%.

Investors will receive par if the index is flat or falls by up to 15% and will lose 1% for each 1% decline beyond 15%.

BofA Merrill Lynch is the agent.

The notes will price in April and settle in May.

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