Published on 5/4/2018 in the Prospect News Structured Products Daily.
New Issue: BofA sells $3.06 million of 8.6% contingent income callables on indexes
By Susanna Moon
Chicago, May 4 – BofA Finance LLC priced $3.06 million of contingent income issuer callable notes due April 30, 2020 linked to the worst performing of the MSCI Emerging Markets index, the Russell 2000 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 8.6% if each underlying index closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes are callable at par on any determination date.
The payout at maturity will be par unless any 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 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: | MSCI Emerging Markets index, Russell 2000 index and Euro Stoxx 50 index
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| Amount: | $3,057,000
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| Maturity: | April 30, 2020
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| Coupon: | 8.6% annualized, payable quarterly if each index closes at or above its 60% coupon barrier on observation date for that quarter
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| Price: | Par of $10
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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 option: | At par on any interest payment date beginning July 30, 2018
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| Initial levels: | 1,140.27 for EM, 1,550.467 for Russell and 3,485.83 for Stoxx
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| Threshold levels: | 684.16 for EM, 930.28 for Russell and 2,091.50 for Stoxx, 60% of initial levels
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| Pricing date: | April 25
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| Settlement date: | April 30
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| Underwriter: | BofA Merrill Lynch
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| Fees: | 1.75%
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| Cusip: | 09709TEF4
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