Published on 3/11/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $4.31 million capped dual directional notes on S&P, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, March 11 – BofA Finance LLC priced $4.31 million of 0% capped dual directional notes due March 3, 2026 linked to the least performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index finishes above its initial level, the payout at maturity will be par plus 2 times the least-performing index’s return, subject to a maximum upside return of par plus 50%.
If the final level of the least-performing index is equal to its initial level or is less than its initial level by up to 40%, the payout will be par plus 50% of the absolute value of the least-performing index’s return.
If the final level of any index is less than its initial level by more than 40%, investors will lose 1% for every 1% that the least-performing index declines.
The notes will be 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: | Capped dual directional notes
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| Underlying indexes: | Dow Jones industrial average, S&P 500 index and Russell 2000 index
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| Amount: | $4,314,000
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| Maturity: | March 3, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes above initial level, par plus 200% of least-performing index’s return, subject to maximum upside return of par plus 50%; if any index falls by not more than 40% from its initial level, par plus half of absolute value of least-performing index’s return; if final level of any index is less than initial level by more than 40%, 1% loss for every 1% that least-performing index declines
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| Initial levels: | 30,932.37 for Dow, 2,210.051 for Russell 2000 and 3,811.15 for S&P 500
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| Threshold levels: | 18,559.42 for Dow, 1,320.631 for Russell 2000 and 2,286.69 for S&P 500, 60% of initial levels
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| Pricing date: | Feb. 26
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| Settlement date: | March 3
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| Agent: | BofA Securities, Inc.
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| Fees: | 1%
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| Cusip: | 09709UDM7
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