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BofA eyes three-year market-linked step-up autocallables on Russell
By Devika Patel
Knoxville, Tenn., July 3 – BofA Finance LLC plans to price autocallable market-linked step-up notes due July 2021 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will be called at an annual call premium of 7% to 8% if the index closes at or above its initial level on any of the annual observation dates beginning in July 2019. The exact call premium will be set at pricing.
If the index finishes above the step-up level – 130% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index is unchanged or gains by up to the step-up level, the payout will be par plus the step-up payment of 30%.
Investors will lose 1% for each 1% decline.
BofA Merrill Lynch is the agent.
The notes will price in July and settle in August.
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