Published on 1/25/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $7.29 million contingent income autocalls on gold, silver ETFs
By Kiku Steinfeld
Chicago, Jan. 25 – BofA Finance LLC priced $7.29 million of contingent income autocallable yield notes due Oct. 25, 2023 linked to the worst performing of the iShares Silver Trust and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 10% if each underlying ETF closes at or above its 70% coupon barrier on the observation date for that period.
The notes will be called at par if each ETF closes at or above its initial level on any determination date after six months.
The payout at maturity will be par unless either underlying ETF finishes below its 60% threshold level, in which case investors will be fully exposed to any losses of the worst performing ETF.
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.
|
| Issue: | Contingent income autocallable yield notes
|
| Underlying ETFs: | iShares Silver Trust and the VanEck Vectors Gold Miners ETF
|
| Amount: | $7,293,000
|
| Maturity: | Oct. 25, 2023
|
| Coupon: | 10% annualized, payable monthly if each ETF closes at or above its coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either underlying ETF finishes below its threshold level, in which case investors will be fully exposed to any losses of the worst performing ETF
|
| Call: | At par if each component closes at or above its initial level on any interest payment date after six months
|
| Initial levels: | $36.04 for gold, $24.01 for silver
|
| Coupon barriers: | $25.23 for gold, $16.81 for silver, 70% of initial levels
|
| Threshold levels: | $21.62 for gold, $14.41 for silver, 60% of initial levels
|
| Pricing date: | Jan. 20
|
| Settlement date: | Jan. 25
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 3.5%
|
| Cusip: | 09709T4Y4
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
