Published on 5/29/2019 in the Prospect News Structured Products Daily.
New Issue: BofA sells $675,000 callable yield notes linked to three indexes
By Wendy Van Sickle
Columbus, Ohio, May 29 – BofA Finance LLC priced $675,000 of issuer callable yield notes due May 1, 2024 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes are callable on contingent payment dates at par plus the contingent coupon.
Each six months, the notes will pay a contingent coupon at the annual rate of 8.6% per year if each index closes at or above its coupon barrier of 70% of its initial level on that period’s observation date.
If each index finishes at or above its downside threshold level, 60% of its initial level, the payout at maturity will be par plus the coupon, if any.
If either index finishes below its downside threshold, investors will be fully exposed to the decline of the least-performing index from its initial level.
BofA Merrill Lynch is the selling agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Issuer callable yield notes
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| Underlying indexes: | Dow Jones industrial average, Russell 2000 index and Nasdaq-100 index
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| Amount: | $675,000
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| Maturity: | May 1, 2024
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| Coupon: | 8.6% per year, payable semiannually if each index closes at or above coupon barrier level on observation date that period
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| Price: | Par
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| Payout at maturity: | Par plus coupon, if any, if each index finishes at or above downside threshold; if any index finishes below downside threshold, full exposure to decline of least-performing index from its initial level
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| Call option: | Notes are callable at par semiannually
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| Initial levels: | 25,776.61 for Dow, 1,531.625 for Russell, 7,420.656 for Nasdaq
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| Coupon barriers: | 18,043.63 for Dow, 1,072.138 for Russell, 5,194.459 for Nasdaq, 70% of initial levels
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| Threshold values: | 15,465.97 for Dow, 918.975 for Russell, 4,452.394 for Nasdaq, 60% of initial levels
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| Pricing date: | May 22
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| Settlement date: | May 28
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| Agent: | BofA Merrill Lynch
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| Fees: | 0.6%
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| Cusip: | 09709TQT1
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