Published on 4/8/2019 in the Prospect News Structured Products Daily.
New Issue: BofA price $520,000 contingent income buffered autocalls on S&P, Hang Seng
By Wendy Van Sickle
Columbus, Ohio, April 8 – BofA Finance LLC priced $520,000 of contingent income autocallable buffered notes due March 26, 2021 linked to the worse performing of the S&P 500 index and the Hang Seng index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 6% if each underlying index closes at or above its 85% coupon barrier on the observation date for that period.
The notes will be called at par if each underlying component closes at or above its initial level on any quarterly determination date after six months.
The payout at maturity will be par unless either index finishes below its 85% downside threshold, in which case investors will be fully exposed to any losses of the worse performing index.
The notes are guaranteed by Bank of America Corp.
BofA Merrill Lynch is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable buffered notes
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| Underlying assets: | S&P 500 index and Hang Seng index
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| Amount: | $520,000
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| Maturity: | March 26, 2021
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| Coupon: | 6% annualized, payable monthly if each index closes at or above coupon barrier on observation date for that period
|
| Price: | Par
|
| Call: | At par if each component closes at or above its initial level on any quarterly date after six months
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worse performing index
|
| Initial levels: | 28,566.91 for Hang Seng, 2,818.46 for S&P
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| Coupon barriers: | 24,281.87 for Hang Seng, 2,395.69 for S&P; 85% of initial levels
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| Downside thresholds: | 24,281.87 for Hang Seng, 2,395.69 for S&P; 85% of initial levels
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| Pricing date: | March 26
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| Settlement date: | March 29
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| Underwriter: | BofA Merrill Lynch
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| Fees: | 2.75%
|
| Cusip: | 09709TNS6
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