Published on 1/18/2021 in the Prospect News Structured Products Daily.
New Issue: BofA Finance sells $188,000 capped enhanced return notes on S&P, Russell
By Taylor Fox
New York, Jan. 19 – BofA Finance, LLC priced $188,000 of 0% capped enhanced return notes due Dec. 29, 2022 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
If the final level of the least-performing index is greater than the initial level, the payout at maturity will be par plus 2 times the least-performing index return, up to the maximum payout of $1,160 per note per $1,000 face amount of notes. If the least-performing index declines by 30% or less, the payout will be par. If the least-performing index declines by more than 30%, investors will lose 1% for every 1% that the least-performing index declines from its initial level.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance, LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Capped enhanced return notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $188,000
|
| Maturity: | Dec. 29, 2022
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If the final level of the least-performing index is greater than initial level, par plus 2 times index return, up to maximum payout of $1,160 per $1,000 face amount of note; if least-performing index declines by 30% or less, par; otherwise, 1% loss for each 1% decline of worst performer
|
| Initial index levels: | 3,690.01 for S&P, 2,007.104 for Russell
|
| Threshold levels: | 2,583.01 for S&P, 1,404.973 for Russell, 70% of initial levels
|
| Pricing date: | Dec. 23
|
| Settlement date: | Dec. 29
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 2.25%
|
| Cusip: | 09709T3K5
|
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