Published on 7/3/2018 in the Prospect News Structured Products Daily.
New Issue: BofA sells $13.31 million 9.68% contingent income autocallables tied to indexes, fund
By Susanna Moon
Chicago, July 3 – BofA Finance LLC priced $13.31 million of contingent income issuer autocallable notes due July 1, 2020 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the iShares MSCI Eurozone ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.68% if each underlying asset closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be called at par if each component closes at or above its initial level on any determination date.
The payout at maturity will be par unless any underlying asset finishes below its 60% threshold level, in which case investors will be fully exposed to any losses of the worst performing index or fund.
The notes are guaranteed by Bank of America Corp.
BofA Merrill Lynch is the agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Contingent income issuer autocallable notes
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Underlying assets: | S&P 500 index, Russell 2000 index and iShares MSCI Eurozone ETF
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Amount: | $13,311,000
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Maturity: | July 1, 2020
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Coupon: | 9.68% annualized, payable quarterly if each asset closes at or above its 80% coupon barrier on observation date for that quarter
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Price: | Par of $10
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Payout at maturity: | If each asset finishes at or above threshold level, par; otherwise, 1% loss for each 1% decline of worst performing index or fund
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Call: | At par if each component closes at or above its initial level on any interest payment date beginning Sept. 26, 2018
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Initial levels: | 2,723.06 for S&P, 1,668.527 for Russell and $40.98 for fund
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Threshold levels: | 2,178.45 for S&P, 1,334.822 for Russell and $32.78 for fund, 80% of initial levels
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Pricing date: | June 26
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Settlement date: | June 29
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Underwriter: | BofA Merrill Lynch
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Fees: | 1.75%
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Cusip: | 09709TFE6
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