Published on 11/14/2019 in the Prospect News Structured Products Daily.
New Issue: BofA sells $500,000 contingent income autocallable yield notes on five stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 14 – BofA Finance LLC priced $500,000 of contingent income autocallable yield notes due Nov. 14, 2022 linked to the worst performing of the common stocks of Amazon.com, Inc., Apple Inc., Facebook, Inc., Alphabet Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 12.25% if each underlying stock closes at or above its 60% coupon barrier on the observation date for that month.
The notes will be called at par on if each stock closes above its initial level on any quarterly determination date after six months.
The payout at maturity will be par unless any stock finishes below its 60% threshold level, in which case investors will be fully exposed to any losses of the worst performing stock.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
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| Underlying stocks: | Amazon.com, Apple Inc., Facebook, Inc., Alphabet Inc. and Netflix, Inc.
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| Amount: | $500,000
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| Maturity: | Nov. 14, 2022
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| Coupon: | 12.25% annualized, payable monthly if each stock closes at or above its coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing stock
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| Call: | At par if each stock closes above its initial level on any quarterly determination date after six months
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| Initial levels: | $1,785.88 for Amazon, $260.14 for Apple, $190.84 for Facebook, $1,309.00 for Alphabet, $291.57 for Netflix
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| Coupon barriers: | $1,071.53 for Amazon, $156.08 for Apple, $114.50 for Facebook, $785.40 for Alphabet, $174.94 for Netflix, 60% of initial levels
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| Downside thresholds: | $1,071.53 for Amazon, $156.08 for Apple, $114.50 for Facebook, $785.40 for Alphabet, $174.94 for Netflix, 60% of initial levels
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| Pricing date: | Nov. 8
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| Settlement date: | Nov. 14
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| Underwriter: | BofA Securities, Inc.
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| Fees: | 3.5%
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| Cusip: | 09709TWX5
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