BofA plans contingent income autocallables on Stoxx Banks, U.S. Oil

By Marisa Wong

Los Angeles, July 12 – BofA Finance LLC plans to price contingent income buffered autocallable yield notes due July 23, 2026 linked to the lesser performing of the Euro Stoxx Banks Price index and the United States Oil Fund, LP, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Bank of America Corp.

Each month, the notes will pay a contingent coupon at a rate of 9.45% per year if each underlying closes at or above its coupon barrier, 65% of its initial value, on the observation date for that month.

Beginning in July 2020, the notes will be automatically called at par if each underlying closes at or above its initial value on any monthly observation date other than the final one.

If the notes are not called and each underlying finishes at or above its threshold value, 80% of the initial value, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the lesser-performing ETF declines beyond 20%.

BofA Securities, Inc. is the agent.

The notes will price on July 19.

The Cusip number is 09709TUS8.

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