Published on 10/14/2020 in the Prospect News Structured Products Daily.
New Issue: BofA prices $9.31 million fixed income autocallable yield notes on S&P, Russell
By Kiku Steinfeld
Chicago, Oct. 14 – BofA Finance LLC priced $9.31 million of fixed income autocallable yield notes due Dec. 30, 2021 linked to the worst performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 9%.
The notes will be automatically redeemed at par if each index closes above 100% of its initial value on any quarterly call observation date after six months.
The payout at maturity will be par plus the coupon if all indexes close above their 75% 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
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Fixed income autocallable yield notes
|
| Underlying indexes: | S&P 500 index, Russell 2000 index
|
| Amount: | $9,311,000
|
| Maturity: | Dec. 30, 2021
|
| Coupon: | 9% per year; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par plus the coupon if all indexes finish above their trigger values; otherwise, investors will be fully exposed to the losses of the worst performing index
|
| Call: | Automatically at par if each index closes at or above its initial value on any quarterly call observation date after six months
|
| Initial levels: | 3,298.46 for S&P, 1,474.908 for Russell
|
| Trigger values: | 2,473.85 for S&P, 1,106.181 for Russell, 75% of initial levels
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 30
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 0%
|
| Cusip: | 09709TV40
|
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