Published on 10/3/2019 in the Prospect News Structured Products Daily.
New Issue: BofA sells $2.53 million contingent income callable yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Oct. 3 – BofA Finance LLC priced $2.53 million of contingent income issuer callable yield notes due April 6, 2022 linked to the worst performing of the MSCI Emerging Markets index, the Russell 2000 index and the S&P 500 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 8.44% if each underlying index closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes are callable at par on any determination date after six months.
The payout at maturity will be par unless any index finishes below its 65% 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 issuer callable yield notes
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| Underlying assets: | MSCI Emerging Markets index, Russell 2000 index and S&P 500 index
|
| Amount: | $2,525,000
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| Maturity: | April 6, 2022
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| Coupon: | 8.44% annualized, payable quarterly if each index closes at or above its 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: | At par on any interest payment date beginning April 6, 2020
|
| Initial levels: | 998.48 for Emerging Markets, 1,493.432 for Russell, 2,940.25 for S&P
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| Coupon barriers: | 649.01 for Emerging Markets, 970.731 for Russell, 1,911.16 for S&P, 65% of initial levels
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| Downside thresholds: | 649.01 for Emerging Markets, 970.731 for Russell, 1,911.16 for S&P, 65% of initial levels
|
| Pricing date: | Oct. 1
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| Settlement date: | Oct. 4
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| Underwriter: | BofA Securities, Inc.
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| Fees: | 1.75%
|
| Cusip: | 09709TVW8
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