Published on 7/18/2018 in the Prospect News Structured Products Daily.
New Issue: BofA sells $870,000 autocallables with step-down call level tied to indexes
By Wendy Van Sickle
Columbus, Ohio, July 18 – BofA Finance LLC priced $870,000 of autocallable notes with step-down call level due July 1, 2021 linked to the worst performing of the FTSE 100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized premium of 10.65% if each index closes at or above its call level on any annual call date. The call level will be 100% of the initial level on the first call date and will step down by 5% each year.
The payout at maturity will be par unless either index finishes below its 70% threshold level, 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: | Autocallable notes with step down call level
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| Underlying assets: | FTSE 100 index, Russell 2000 index
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| Amount: | $870,000
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| Maturity: | July 1, 2021
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above threshold level, par; otherwise, 1% loss for each 1% decline of worst performing index
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| Call: | At par plus 10.65% annualized premium if each index closes at or above its call level on any annual call date; call level is 100% of initial level on first call date and steps down by 5% each year
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| Initial levels: | 7,537.92 for FTSE, 1,668.527 for Russell
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| Threshold levels: | 5,276.54 for S&P, 1,167.969 for Russell, 70% of initial levels
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| Pricing date: | June 26
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| Settlement date: | June 29
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| Underwriter: | BofA Merrill Lynch
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| Fees: | 2.25%
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| Cusip: | 09709TET4
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