Published on 2/21/2020 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.5 million contingent income buffered autocalls on index, fund
By Wendy Van Sickle
Columbus, Ohio, Feb. 21 – BofA Finance LLC priced $1.5 million of contingent income buffered autocallable securities due Feb. 16, 2023 linked to the least performing of the Russell 2000 index, the Euro Stoxx 50 index and the iShares China Large-Cap ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
Each quarter, the notes will pay a contingent coupon at the rate of 9% per year if each underlier closes at or above its coupon barrier level, 75% of its initial level, on the determination date for that quarter.
After six months, the notes will be automatically called at par if each underlier closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par unless any underlier finishes below its buffer level, 75% of its initial level, in which case investors will lose 1% for every 1% that the least-performing underlier declines from its initial level.
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 buffered autocallable securities
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| Underliers: | Russell 2000 index, Euro Stoxx 50 index and iShares China Large-Cap ETF
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| Amount: | $1.5 million
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| Maturity: | Feb. 16, 2023
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| Coupon: | 9% per year, payable quarterly if each underlier closes at or above coupon barrier level on determination date
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| Price: | Par
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| Payout at maturity: | Par unless any underlier finishes below buffer level, in which case 1 loss for every 1% that least-performing underlier declines from initial level
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| Call: | After six months, automatically at par if each underlier closes at or above initial level on any quarterly determination date
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| Initial levels: | 1,689.377 for Russell, 3,854.43 for Stoxx and $42.87 for fund
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| Coupon barriers: | 1,267.033 for Russell, 2,890.82 for Stoxx and $32.15 for fund; 75% of initial levels
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| Buffer levels: | 1,267.033 for Russell, 2,890.82 for Stoxx and $32.15 for fund; 75% of initial levels
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| Pricing date: | Feb. 12
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| Settlement date: | Feb. 18
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.1%
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| Cusip: | 09709TZZ7
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