Published on 12/23/2019 in the Prospect News Structured Products Daily.
New Issue: BofA Finance prices $8.38 million bear Stars linked to S&P 500 index
By Angela McDaniels
Tacoma, Wash., Dec. 23 – BofA Finance LLC priced $8.38 million of 0% bear Strategic Accelerated Redemption Securities due Dec. 28, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 12.6% if the index closes at or below its initial level on June 19, 2020, Sept. 18, 2020 or Dec. 18, 2020.
If the notes are not called, investors will have one-to-one downside exposure to increases in the index.
The notes are guaranteed by Bank of America Corp.
BofA Securities Inc. is the underwriter.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Bear Strategic Accelerated Redemption Securities
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Underlying index: | S&P 500
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Amount: | $8,383,020
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Maturity: | Dec. 28, 2020
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | One-to-one downside exposure to increases in index
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Call: | Automatically at par plus annualized call premium of 12.6% if index closes at or below initial level on June 19, 2020, Sept. 18, 2020 or Dec. 18, 2020
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Initial level: | 3,205.37
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Pricing date: | Dec. 19
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Settlement date: | Dec. 26
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Underwriters: | BofA Securities, Inc.
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Fees: | 1.25%
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Cusip: | 09710C352
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