Published on 6/12/2019 in the Prospect News Structured Products Daily.
New Issue: BofA sells $4.74 million contingent income autocallables on three ETFs
By Wendy Van Sickle
Columbus, Ohio, June 12 – BofA Finance LLC priced $4.74 million of contingent income autocallable yield notes due June 4, 2021 linked to the worst performing of SPDR S&P Bank ETF, the Technology Select Sector SPDR fund and the SPDR S&P Biotech 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 15% if each underlying ETF closes at or above its 71% coupon barrier on the observation date for that period.
The notes will be called at par if each ETF closes at or above its initial level on any determination date.
The payout at maturity will be par unless any underlying ETF finishes below its 71% threshold level, in which case investors will be fully exposed to any losses of the worst performing ETF.
The notes are guaranteed by Bank of America Corp.
BofA Merrill Lynch is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
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| Underlying ETFs: | SPDR S&P Bank ETF, Technology Select Sector SPDR fund and SPDR S&P Biotech ETF
|
| Amount: | $4,739,000
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| Maturity: | June 4, 2021
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| Coupon: | 15% annualized, payable quarterly if each ETF closes at or above its coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any underlying ETF finishes below its threshold level, in which case investors will be fully exposed to any losses of the worst performing ETF
|
| Call: | At par if each component closes at or above its initial level on any interest payment date
|
| Initial levels: | $42.42, for bank fund, $72.66 for technology fund, $81.27 for biotech fund
|
| Coupon barriers: | $30.12 for bank fund, $51.59 for technology fund, $57.70 for biotech fund, 71% of initial levels
|
| Threshold levels: | $30.12 for bank fund, $51.59 for technology fund, $57.70 for biotech fund, 71% of initial levels
|
| Pricing date: | May 29
|
| Settlement date: | June 5
|
| Underwriter: | BofA Merrill Lynch
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| Fees: | 1.75%
|
| Cusip: | 09709TSK8
|
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