Published on 4/16/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.22 million contingent income autocallable yield notes on indexes
Chicago, April 16 – BofA Finance LLC priced $1.22 million of contingent income autocallable yield notes due Sept. 15, 2022 linked to the least performing of Russell 2000 index, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will pay a quarterly contingent coupon at an annual rate of 7.75% if each index closes at or above its threshold level, 70% of its initial level, on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless any index closes below its 70% threshold level, in which case investors will be fully exposed to the losses of the least-performing index.
The agent is BofA Securities, Inc.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income autocallable yield notes
|
| Underlying indexes: | Russell 2000, Nasdaq-100 and S&P 500
|
| Amount: | $1,221,000
|
| Maturity: | Sept. 15, 2022
|
| Coupon: | 7.75% per year, payable quarterly if each index closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below its threshold level, in which case full exposure to the losses of the least-performing index
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly trigger observation date
|
| Initial levels: | 3,943.34 for S&P, 2,352.789 for Russell and 12,937.29 for Nasdaq
|
| Coupon barrier levels: | 2,760.34 for S&P, 1,646.952 for Russell and 9,056.10 for Nasdaq; 70% of initial levels
|
| Threshold levels: | 2,760.34 for S&P, 1,646.952 for Russell and 9,056.10 for Nasdaq; 70% of initial levels
|
| Pricing date: | March 12
|
| Settlement date: | March 17
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2.175%
|
| Cusip: | 09709UDQ8
|
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