Published on 11/20/2020 in the Prospect News Structured Products Daily.
New Issue: BofA Finance prices $4 million step-down trigger autocallables on Russell, S&P
By Taylor Fox
New York, Nov. 20 – BofA Finance LLC priced $4 million of 0% step down trigger autocallable notes due Nov. 7, 2024 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Annually, the notes will be automatically called at par of $10 plus 9% per year if each index closes at or above its call threshold level on any observation date. For each index, the call threshold level will be equal to the initial index level for the first three observation dates and 70% of the initial level for the final observation date.
If the notes are not called, then the final level of at least one index will be less than its 70% downside threshold level, and investors will be exposed to the decline of the lesser-performing index from its initial level.
UBS Financial Services Inc. and BofA Finance LLC are the agents.
| Issuer: | BofA Finance LLC
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| Issue: | Step-down trigger autocallable notes
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| Underlying indexes: | Russell 2000 and S&P 500
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| Amount: | $4 million
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| Maturity: | Nov. 7, 2024
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If not called, meaning lowest performer has finished below 70% of initial level, full exposure to decline of lesser-performing index from initial level
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| Call: | Beginning Nov. 5, 2021, automatically at par plus 9% per year if each index closes at or above call threshold level on any annual observation date; call threshold equals initial index level for first three observation dates and downside threshold for final observation date, Nov. 4, 2024
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| Initial levels: | 1,538.479 for Russell, 3,269.96 for S&P
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| Downside thresholds: | 1,076.935 for Russell, 2,288.97 for S&P; 70% of initial levels
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| Pricing date: | Nov. 2
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| Settlement date: | Nov. 5
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| Agents: | UBS Financial Services Inc. and BofA Finance LLC
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| Fees: | None
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| Cusip: | 05591G330
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