Published on 7/30/2019 in the Prospect News Structured Products Daily.
New Issue: BofA sells $7.52 million contingent income autocallables on three indexes
By Sarah Lizee
Olympia, Wash., July 30 – BofA Finance LLC priced $7.52 million of contingent income autocallable notes due July 30, 2025 linked to the worst performing of the Euro Stoxx 50 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.5% if each underlying index closes at or above its 60% coupon barrier on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any determination date after two years.
The payout at maturity will be par unless either underlying index finishes below its 60% threshold level, in which case investors will be fully exposed to any losses of the worst performing index.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income autocallable notes
|
| Underlying indexes: | S&P 500 index, Euro Stoxx 50 index, Russell 2000 index
|
| Amount: | $7,523,000
|
| Maturity: | July 30, 2025
|
| Coupon: | 6.5% annualized, payable quarterly if each index closes at or above its coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above threshold level, par; otherwise, 1% loss for each 1% decline of worst performing index
|
| Call: | At par if each component closes at or above its initial level on any interest payment date after two years
|
| Initial levels: | 3,003.67 for S&P, 3,510.15 for Stoxx, 1,561.449 for Russell
|
| Coupon barriers: | 1,802.20 for S&P, 2,106.09 for Stoxx, 936.869 for Russell, 60% of initial levels
|
| Threshold levels: | 1,802.20 for S&P, 2,106.09 for Stoxx, 936.869 for Russell, 60% of initial levels
|
| Pricing date: | July 25
|
| Settlement date: | July 30
|
| Underwriter: | BofA Securities, Inc.
|
| Fees: | 0.25%
|
| Cusip: | 09709TTB7
|
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