Published on 6/17/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $5.11 million contingent income autocallable yield notes on three indexes
By William Gullotti
Buffalo, N.Y., June 17 – BofA Finance LLC priced $5.11 million of contingent income autocallable yield notes due Nov. 25, 2022 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 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 7% if each underlying index closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be called at par plus coupon if each index closes above its initial level on any quarterly determination date.
The payout at maturity will be par plus the final coupon if each index finishes at or above the coupon barrier. If any index falls by up to the 70% threshold level, par. Otherwise, investors will be fully exposed to the decline 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
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
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| Underlying assets: | Russell 2000 index, S&P 500 index, Nasdaq-100 index
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| Amount: | $5,107,000
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| Maturity: | Nov. 25, 2022
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| Coupon: | 7% annualized, payable quarterly if each index closes at or above its coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above coupon barrier, par plus the final coupon; if any index falls up to 70%, par; otherwise, 1% loss for each 1% decline of worst performing index
|
| Call: | At par plus coupon if each index closes above its initial level on any quarterly determination date
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| Initial levels: | 4,155.86 for S&P, 2,215.268 for Russell, 13,411.74 for Nasdaq
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| Coupon barriers: | 3,116.9 for S&P, 1,661.451 for Russell, 10,058.81 for Nasdaq; 75% of initial levels
|
| Downside thresholds: | 2,909.1 for S&P, 1,550.688 for Russell, 9,388.22 for Nasdaq; 70% of initial levels
|
| Pricing date: | May 21
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| Settlement date: | May 26
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| Selling agent: | BofA Securities, Inc.
|
| Fees: | 2.375%
|
| Cusip: | 09709ULP1
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