Published on 6/3/2019 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.52 million contingent income autocallables on stocks
By Sarah Lizee
Olympia, Wash., June 3 – BofA Finance LLC price $1.52 million of contingent income autocallable notes due June 3, 2022 linked to the worst performing of the common stocks of Amazon.com, Inc., Microsoft Corp., Alphabet Inc. and Intel Corp., according to a 424B2 with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 11.75% if each asset closes at or above its 70% threshold on the related determination date.
The notes will be automatically redeemed at par if each asset closes above 90% its initial value on any observation date beginning in August.
The payout at maturity will be par plus the coupon if all three assets close above their 70% trigger values.
Otherwise, investors will be fully exposed to any losses of the worst performing asset.
The notes will be guaranteed by Bank of America Corp.
BofA Merrill Lynch is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income autocallable notes
|
| Underlying stocks: | Amazon.com, Inc., Microsoft Corp., Alphabet Inc. and Intel Corp.
|
| Amount: | $1,515,000
|
| Maturity: | June 3, 2022
|
| Coupon: | 11.75% per year if each asset closes at or above its 70% threshold on the related determination date; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par plus the coupon if all three assets close above their 70% trigger values; otherwise, investors will be fully exposed to any losses of the worst performing asset
|
| Call: | Automatically redeemed at par if each asset closes above 90% its initial value on any observation date beginning in August
|
| Initial levels: | $1,836.43 for Amazon, $126.16 for Microsoft, $1,139.56 for Alphabet, $43.57 for Intel
|
| Coupon barriers: | $1,285.50 for Amazon, $88.31 for Microsoft, $797.69 for Alphabet, $30.50 for Intel, 70% of initial levels
|
| Coupon barriers: | $1,285.50 for Amazon, $88.31 for Microsoft, $797.69 for Alphabet, $30.50 for Intel, 70% of initial levels
|
| Pricing date: | May 28
|
| Settlement date: | May 31
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 3%
|
| Cusip: | 09709TRS2
|
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