Published on 8/23/2019 in the Prospect News Structured Products Daily.
New Issue: BofA sells $500,000 contingent income autocallables on three indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 23 – BofA Finance LLC priced $500,000 of contingent income autocallable notes due Aug. 26, 2024 linked to the worst performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 5.7% if each underlying index closes at or above its 70% coupon barrier on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any quarterly call determination date after one year.
The payout at maturity will be par unless either underlying index finishes below its 60% 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 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 autocallable notes
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| Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average, Russell 2000 index
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| Amount: | $500,000
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| Maturity: | Aug. 26, 2024
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| Coupon: | 5.7% annualized, payable monthly if each index closes at or above its coupon barrier on observation date for that period
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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 if each component closes at or above its initial level on any quarterly call date after one year
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| Initial levels: | 7,733.216 for Nasdaq, 26,202.73 for Dow, 1,509.85 for Russell
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| Coupon barriers: | 5,413.251 for Nasdaq, 18,341.91 for Dow, 1,056.895 for Russell, 70% of initial levels
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| Threshold levels: | 4,639.93 for Nasdaq, 15,721.64 for Dow, 905.91 for Russell, 60% of initial levels
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| Pricing date: | Aug. 21
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| Settlement date: | Aug. 26
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| Underwriter: | BofA Securities, Inc.
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| Fees: | 4.25%
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| Cusip: | 09709TUU3
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