Published on 6/3/2019 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.46 million contingent income autocallables on two indexes
By Sarah Lizee
Olympia, Wash., June 3 – BofA Finance LLC priced $1.46 million of contingent income autocallable notes due Dec. 3, 2020 linked to the worst performing of the Dow Jones industrial average and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.15% if each underlying index closes at or above its 70% coupon barrier on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any determination date after six months.
The payout at maturity will be par unless either underlying index finishes below its initial level and ever closes below its 70% threshold level during the life of the notes, in which case investors will be fully exposed to any losses of the worst performing index.
The notes are guaranteed by Bank of America Corp.
BofA Merrill Lynch is the agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Contingent income autocallable notes
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Underlying indexes: | Dow Jones industrial average and Nasdaq-100 index
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Amount: | $1,455,000
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Maturity: | Dec. 3, 2020
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Coupon: | 6.15% annualized, payable quarterly if each index closes at or above its 70% coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | Par unless either underlying index finishes below its initial level and ever closes below its 70% threshold level during the life of the notes, in which case investors will be fully exposed to any losses of the worst performing index
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Call: | At par if each component closes at or above its initial level on any interest payment date after six months
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Initial levels: | 25,347.77 for Dow, 7,278.376 for Nasdaq
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Coupon barriers: | 17,743.44 for Dow, 5,094.863 for Nasdaq, 70% of initial levels
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Threshold levels: | 17,743.44 for Dow, 5,094.863 for Nasdaq, 70% of initial levels
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Pricing date: | May 28
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Settlement date: | May 31
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Underwriter: | BofA Merrill Lynch
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Fees: | 1.875%
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Cusip: | 09709TQU8
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