Published on 9/4/2020 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.14 million contingent income autocallable yield notes on three indexes
By Kiku Steinfeld
Chicago, Sept. 4 – BofA Finance LLC priced $2.14 million of contingent income autocallable yield notes due Sept. 1, 2022 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 8% if each index closes at or above its 70% coupon barrier on the related determination date.
The notes will be automatically redeemed at par if each index closes above its initial value on any quarterly call observation date after six months.
The payout at maturity will be par plus any final coupon if all three indexes close above their 60% trigger values.
Otherwise, investors will be fully exposed to any losses of the worst performing index.
The notes will be guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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| Amount: | $2,135,000
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| Maturity: | Sept. 1, 2022
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| Coupon: | 8% per year if each index closes at or above its coupon barrier on the related determination date; payable monthly
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| Price: | Par
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| Payout at maturity: | Par plus any coupon if all three indexes close above their trigger values; otherwise, investors will be fully exposed to any losses of the worst performing index
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| Call: | Automatically redeemed at par if each index closes above initial value on any quarterly call observation date after six months
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| Initial levels: | 11,995.86 for Nasdaq, 1,578.343 for Russell, 3,508.01 for S&P
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| Coupon barrier levels: | 8,397.10 for Nasdaq, 1,104.840 for Russell, 2,455.61 for S&P; 70% of initial levels
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| Trigger levels: | 7,197.52 for Nasdaq, 947.006 for Russell, 2,104.81 for S&P; 60% of initial levels
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| Pricing date: | Aug. 28
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| Settlement date: | Sept. 2
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 2.5%
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| Cusip: | 09709TS36
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