Published on 2/5/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $581,000 contingent income autocallable yield notes on indexes
By Kiku Steinfeld
Chicago, Feb. 5 – BofA Finance LLC priced $581,000 of contingent income autocallable yield notes due April 29, 2022 linked to the worst performing of the S&P 500 Value index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate 6% if each underlying index closes at or above its 70% coupon barrier on the observation date for that month.
The notes will be called at par if each index closes above its initial level on any quarterly determination date after six months.
The payout at maturity will be par unless any index finishes below its 70% threshold level, in which case investors will be fully exposed to any losses of the worst performing index.
The notes are 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 assets: | S&P 500 Value, Russell 2000, Dow Jones industrial average
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| Amount: | $581,000
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| Maturity: | April 29, 2022
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| Coupon: | 6% annualized, payable monthly if each index closes at or above its coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
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| Call: | At par if each index closes above its initial level on any quarterly determination date after six months
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| Initial levels: | 3,849.62 for S&P 500 Value, 2,149.856 for Russell, 30,937.04 for Dow
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| Coupon barriers: | 2,694.73 for S&P 500 Value, 1,504.899 for Russell, 21,655.93 for Dow; 70% of initial levels
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| Downside thresholds: | 2,694.73 for S&P 500 Value, 1,504.899 for Russell, 21,655.93 for Dow; 70% of initial levels, 70% of initial levels
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 29
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 2.5%
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| Cusip: | 09709T4Z1
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