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BofA plans contingent income notes linked to S&P, Energy Select fund
By Angela McDaniels
Tacoma, Wash., Dec. 9 – BofA Finance LLC plans to price contingent income autocallable yield notes due Dec. 19, 2024 linked to the S&P 500 index and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon if each underlying closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter. The contingent coupon rate is expected to be at least 7% per year and will be set at pricing.
Beginning in June 2020, the notes will be automatically called at par if each underlying closes at or above its initial level on any observation date other than the final one.
If the notes are not called and each underlying finishes at or above its threshold value, 55% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the lesser-performing underlying declines from its initial level.
The notes will be guaranteed by Bank of America Corp.
BofA Securities Inc. is the agent.
The notes will price Dec. 16.
The Cusip number is 09709TYJ4.
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