Published on 3/3/2021 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.1 million contingent income buffered autocallable yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, March 3 – BofA Finance LLC priced $2.1 million of contingent income buffered autocallable yield notes due Feb. 21, 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 monthly coupon at an annual rate of 5.1% if each index closes at or above its coupon barrier, 80% of its initial level, on the observation date for that month.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the coupon unless any index finishes below its 80% threshold level, in which case investors will be fully exposed to the losses of the worst performing index beyond 20%.
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.
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| Issue: | Contingent income buffered autocallable yield notes
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| Underlying indexes: | Nasdaq-100, Russell 2000
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| Amount: | $2,102,000
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| Maturity: | Feb. 21, 2023
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| Coupon: | 5.1% annual rate, payable monthly if each index closes at or above coupon barrier on observation date for that month
|
| 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 beyond 20%
|
| Call: | At par plus coupon if each index closes at or above its initial level on any quarterly observation date after six months
|
| Initial levels: | 2,266.689 for Russell, 13,580.78 for Nasdaq
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| Coupon barriers/thresholds: | 1,813.351 for Russell, 10,864.62 for Nasdaq; 80% of initial levels
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| Pricing date: | Feb. 19
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| Settlement date: | Feb. 24
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| Selling agent: | BofA Securities, Inc.
|
| Fees: | 2.4%
|
| Cusip: | 09709UAT5
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