Published on 5/30/2019 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.43 million contingent income callables on three indexes
By Wendy Van Sickle
Columbus, Ohio, May 30 – BofA Finance LLC priced $1.43 million of contingent income issuer callable notes due Feb. 25, 2021 linked to the worst performing of the Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.75% if each underlying index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes are callable in whole at par on any determination date after six months.
The payout at maturity will be par unless any index finishes below its 70% downside threshold, 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: | Contingent income issuer callable notes
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| Underlying assets: | Russell 2000 index, S&P 500 index and Euro Stoxx 50 index
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| Amount: | $1,425,000
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| Maturity: | Feb. 25, 2021
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| Coupon: | 8.75% annualized, payable quarterly if each index closes at or above 70% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
|
| Call option: | In whole at par on any interest payment date beginning Nov. 25
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| Initial levels: | 2,840.23 for S&P, 1,524.963 for Russell, 3,369.78 for Stoxx
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| Downside thresholds/coupon barriers: | 1,988.16 for S&P, 1,067.474 for Russell, 2,358.85 for Stoxx; 70% of initial levels
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| Pricing date: | May 20
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| Settlement date: | May 23
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| Underwriter: | BofA Merrill Lynch
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| Fees: | 0.25%
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| Cusip: | 09709TRW3
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