Published on 12/20/2019 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.36 million contingent income autocallable yield notes on Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, Dec. 20 – BofA Finance LLC priced $1.36 million of contingent income autocallable yield notes due June 21, 2023 linked to the least performing of the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 5.75% if each index closes at or above its coupon barrier, 75% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon on any quarterly observation date after one year.
The payout at maturity will be par plus the coupon unless any index finishes below its 75% 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 selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
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| Underlying indexes: | Russell 2000, Dow Jones industrial average
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| Amount: | $1,357,000
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| Maturity: | June 21, 2023
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| Coupon: | 5.75% annual rate, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par plus coupon; otherwise 1% loss for each 1% decline of worst performing index
|
| Call: | At par plus coupon on any quarterly observation date after one year
|
| Initial levels: | 1,649.939 for Russell, 28,235.89 for Dow
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| Coupon barriers/downside thresholds: | 1,237.454 for Russell, 21,176.92 for Dow, 75% of initial levels
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| Pricing date: | Dec. 16
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| Settlement date: | Dec.19
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| Selling agent: | BofA Securities, Inc.
|
| Fees: | 3%
|
| Cusip: | 09709TXZ9
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