Published on 4/7/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.11 million autocallable notes tied to S&P, Russell
Chicago, April 7 – BofA Finance LLC priced $1.11 million of autocallable notes due March 17, 2026 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will be called at par plus 10.6% per year if each index closes at or above its initial level on any annual call date.
At maturity, investors will receive par plus 53% if both indexes finish above their initial levels.
If the lesser performing index finishes at or above its 75% threshold level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to the decline of the least performing index.
BofA Securities, Inc.is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Autocallable notes
|
| Underlying indexes: | S&P 500 index, Russell 2000 index
|
| Amount: | $1,108,000
|
| Maturity: | March 17, 2026
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above initial level, par plus 53%; if lesser performing index finishes below initial level but at or above threshold level, par; otherwise, investors will be fully exposed to decline of lesser performing index
|
| Call: | Automatically at par plus 10.6% annual return if each index closes at or above its initial level on any annual call date
|
| Initial levels: | 3,943.34 for S&P, 2,352.789 for Russell
|
| Threshold levels: | 2,957.51 for S&P, 1,764.592 for Russell; 75% of initial levels
|
| Pricing date: | March 12
|
| Settlement date: | March 17
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 09709UEJ3
|
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