Published on 2/5/2021 in the Prospect News Structured Products Daily.
New Issue: BofA prices $250,000 contingent income autocallable yield notes on Nasdaq, Russell
By Kiku Steinfeld
Chicago, Feb. 5 – BofA Finance LLC priced $250,000 of contingent income autocallable yield notes due Jan. 31, 2023 linked to the least performing of the Nasdaq-100 index and the Russell 2000 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 6.25% if each index closes at or above its coupon barrier, 75% of its initial level, on the observation date for that quarter.
After six months, notes will be called at par plus the contingent coupon on any quarterly call observation date if each index finishes at or above its initial level.
The payout at maturity will be par plus the final coupon unless any index finishes below its 75% 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
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income autocallable yield notes
|
| Underlying indexes: | Nasdaq-100, Russell 2000
|
| Amount: | $250,000
|
| Maturity: | Jan. 31, 2023
|
| Coupon: | 6.25% annual rate, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par plus coupon; otherwise 1% loss for each 1% decline of worst performing index
|
| Call: | After six months, at par plus coupon on any quarterly call observation date if indexes finish at or above initial levels
|
| Initial levels: | 13,490.19 for Nasdaq, 2,149.856 for Russell
|
| Coupon barriers: | 10,117.64 for Nasdaq, 1,612.392 for Russell, 75% of initial levels
|
| Downside thresholdlevels: | 10,117.64 for Nasdaq, 1,612.392 for Russell, 75% of initial levels
|
| Pricing date: | Jan. 26
|
| Settlement date: | Jan. 29
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 2.25%
|
| Cusip: | 09709T4L2
|
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