Published on 8/3/2020 in the Prospect News Structured Products Daily.
New Issue: BofA prices $21.97 million of trigger autocallable contingent yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 3 – BofA Finance LLC priced $21.97 million of trigger autocallable contingent yield notes due July 29, 2022 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will pay a contingent quarterly coupon at an annual rate of 9.35% if each asset closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par of $10 if each asset closes at or above its initial level on any quarterly observation date starting Jan. 29, 2021.
The payout at maturity will be par plus the final coupon, if any, unless either asset finishes below the downside threshold level, 70% of its initial level, in which case investors will lose 1% for every 1% loss of the worse performing asset from its initial level.
UBS Financial Services Inc. and BofA Securities, Inc. are the agents.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | S&P index and Russell 2000 index
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| Amount: | $21,970,490
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| Maturity: | July 29, 2022
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| Coupon: | 9.35%, payable quarterly if each index closes at or above coupon barrier on quarterly observation date
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| Price: | Par of $10
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| Call: | At par if both indexes close at or above initial levels on any quarterly observation date starting Jan. 29, 2021
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| Payout at maturity: | Par unless either index finishes below downside threshold, in which case 1% loss for each 1% decline of worse performing index
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| Initial index levels: | 3,258.44 for S&P 500, 1,500.63 for Russell
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| Coupon barriers: | 2,280.91 for S&P 500, 1,050.441 for Russell; 70% of initial levels
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| Downside thresholds: | 2,280.91 for S&P 500, 1,050.441 for Russell; 70% of initial levels
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| Pricing date: | July 29
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| Settlement date: | July 31
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| Agents: | UBS Financial Services Inc. and BofA Securities, Inc.
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| Fees: | 1.5%
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| Cusip: | 05591G520
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