Published on 5/1/2019 in the Prospect News Structured Products Daily.
New Issue: BofA sells $32.01 million market-linked step-up notes on index basket
By Sarah Lizee
Olympia, Wash., May 1 – BofA Finance LLC priced $32.01 million of 0% market-linked step-up notes due June 26, 2020 linked to an international equity index basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with an initial weight of 40%, the FTSE 100 index with an initial weight of 20%, the Nikkei Stock Average index with an initial weight of 20%, the Swiss Market index with an initial weight of 7.5%, the S&P/ASX 200 index with an initial weight of 7.5% and the Hang Seng index with an initial weight of 5%.
If the basket finishes above its step-up level – 115.51% of the initial level – the payout at maturity will be par plus the gain.
If the basket gains by up to the step-up level, the payout will be par plus the step-up return of 15.51%.
Investors will be exposed to any basket decline.
The notes are guaranteed by Bank of America Corp.
BofA Merrill Lynch is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Market-linked step-up notes
|
| Underlying basket: | Euro Stoxx 50 index (40% weight), FTSE 100 index (20% weight), Nikkei Stock Average index (20% weight), Swiss Market index (7.5% weight), the S&P/ASX 200 index (7.5% weight) and the Hang Seng index (5% weight)
|
| Amount: | $32,005,220
|
| Maturity: | June 26, 2020
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If basket finishes at or above the step-up level, par plus gain; if basket gains by up to step-up level, par plus 15.51%; full exposure to any basket decline
|
| Step-up level: | 115.51% of initial level
|
| Initial index levels: | 3,491.92 for Stoxx, 7,434.13 for FTSE, 22,307.58 for Nikkei, 9,694.06 for Swiss, 6,385.646 for S&P/ASX, 29,549.80 for Hang Seng
|
| Pricing date: | April 25
|
| Settlement date: | May 2
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 097098578
|
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