Published on 11/1/2020 in the Prospect News Structured Products Daily.
New Issue: BofA sells $2 million contingent income autocallables tied to indexes
By Taylor Fox
New York, Nov. 2 – BofA Finance LLC priced $2 million of contingent income autocallable notes due Oct. 12, 2022 linked to the worst performing of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.85% if each underlying index closes at or above its 70% coupon barrier on the observation date.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date starting in Jan. 2021.
The payout at maturity will be par unless either underlying index finishes below its 70% threshold level, in which case investors will be fully exposed to any losses of the worse performing index.
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 autocallable notes
|
| Underlying indexes: | Dow Jones industrial average, Russell 2000 index and the Nasdaq-100 index
|
| Amount: | $2 million
|
| Maturity: | Oct. 12, 2022
|
| Coupon: | 10.85% annualized, payable quarterly if each index closes at or above its coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above threshold level, par plus coupon; otherwise, 1% loss for each 1% decline of worse performing index
|
| Call: | At par if each index closes at or above its initial level on any quarterly observation date
|
| Initial levels: | 27,772.76 for Dow, 1,577.291 for Russell and 11,291.27 for Nasdaq
|
| Coupon barriers: | 19,440.93 for Dow, 1,104.104 for Russell and 7,903.89 for Nasdaq, 70% of initial levels
|
| Threshold levels: | 19,440.93 for Dow, 1,104.104 for Russell and 7,903.89 for Nasdaq, 70% of initial levels
|
| Pricing date: | Oct. 6
|
| Settlement date: | Oct. 8
|
| Underwriter: | BofA Securities, Inc.
|
| Fees: | 1.75%
|
| Cusip: | 09709TY88
|
© 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.
