Published on 12/5/2020 in the Prospect News Structured Products Daily.
New Issue: BofA sells $920,000 contingent income issuer callable yield notes on stocks
By Taylor Fox
New York, Dec. 7 – BofA Finance LLC priced $920,000 of contingent income issuer callable yield notes due Nov. 30, 2023 linked to the worst performing of the common stocks of Amazon.com, Inc.; Facebook, Inc.; Alphabet Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 17.86% if each underlying stock closes at or above its 65% coupon barrier on the observation date for that period.
The notes are callable at par on any quarterly determination date after six months.
The payout at maturity will be par unless any stock finishes below its 65% threshold level, in which case investors will be fully exposed to any losses of the worst performing stock.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income issuer callable yield notes
|
| Underlying stocks: | Amazon.com, Inc.; Facebook, Inc.; Alphabet Inc. and Netflix, Inc
|
| Amount: | $920,000
|
| Maturity: | Nov. 30, 2023
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| Coupon: | 17.86% annualized, payable monthly if each stock closes at or above its coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing stock
|
| Call option: | At par on any quarterly determination date after six months
|
| Initial levels: | $3,185.07 for Amazon, $275.59 for Facebook, $1,764.13 for Google and $485 for Netflix
|
| Coupon barriers: | $2,070.30 for Amazon, $179.13 for Facebook, $1,146.68 for Google and $315.25 for Netflix, 65% of initial levels
|
| Downside thresholds: | $2,070.30 for Amazon, $179.13 for Facebook, $1,146.68 for Google and $315.25 for Netflix, 65% of initial levels
|
| Pricing date: | Nov. 25
|
| Settlement date: | Dec. 1
|
| Underwriter: | BofA Securities, Inc.
|
| Fees: | 1.25%
|
| Cusip: | 09709T2L4
|
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