Published on 12/9/2019 in the Prospect News Structured Products Daily.
New Issue: BofA sells $505,000 contingent income autocallable yield notes on Stoxx, ETF
By Wendy Van Sickle
Columbus, Ohio, Dec. 9 – BofA Finance LLC priced $505,000 of contingent income autocallable yield notes due Dec. 1, 2022 linked to the worst performing of the Euro Stoxx 50 index and the iShares China Large-Cap 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 6.6% if each underlying asset closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes will be called at par on if each asset closes above its initial level on any quarterly determination date after six months.
The payout at maturity will be par unless any asset finishes below its 65% threshold level, in which case investors will be fully exposed to any losses of the worst performing asset.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Contingent income autocallable yield notes
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Underlying assets: | Euro Stoxx 50 index and iShares China Large-Cap ETF
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Amount: | $505,000
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Maturity: | Dec. 1, 2022
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Coupon: | 6.6% annualized, payable quarterly if each asset closes at or above its coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | If each asset finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing asset
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Call: | At par if each asset closes above its initial level on any quarterly determination date after six months
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Initial levels: | $42.11 for ETF, 3,705.55 for Stoxx
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Coupon barriers: | $27.37 for ETF, 2,408.61 for Stoxx, 65% of initial levels
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Downside thresholds: | $27.37 for ETF, 2,408.61 for Stoxx, 65% of initial levels
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Pricing date: | Nov. 29
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Settlement date: | Dec. 1
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Underwriter: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 09709TXR7
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