Published on 2/4/2020 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1 million autocallable notes tied to three indexes
By Wendy Van Sickle
Columbus, Ohio, Feb. 4 – BofA Finance LLC priced $1 million of autocallable notes due Jan. 30, 2025 linked to the least performing of the S&P 500 index, the Russell 2000 index and the MSCI Emerging Markets index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will be called at par plus 8.5% per year if each index closes at or above its initial level on any quarterly call valuation date after a year.
If each index finishes at or above its threshold level, 70% of its initial level, the payout will be par plus 38.25%.
If the least performing index finishes below 70% of its initial level but at or above 50% of its initial level, par.
Otherwise, investors will be fully exposed to the decline of the least performing index.
BofA Merrill Lynch is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Autocallable notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index and MSCI Emerging Markets index
|
| Amount: | $1 million
|
| Maturity: | Jan. 30, 2025
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above 70% of its initial level, par plus 38.25%; if least performing index finish below 70% but at or above 50% of its initial level, par; otherwise, full exposure to decline of the least performing index
|
| Call: | Automatically at par plus 7.65% per year if the index closes at or above its initial level on any quarterly call valuation date after a year
|
| Initial levels: | 3,295.47 for S&P, 1,662.232 for Russell, 1,102.98 for EM
|
| Coupon threshold levels: | 2,306.83 for S&P, 1,163.562 for Russell, 772.09 for EM; 70% of initial levels
|
| Threshold levels: | 1,647.74 for S&P, 831.116 for Russell, 551.49 for EM; 50% of initial levels
|
| Pricing date: | Jan. 27
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| Settlement date: | Jan. 30
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| Agent: | BofA Merrill Lynch
|
| Fees: | 0.25%
|
| Cusip: | 09709TZP9
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