Published on 6/18/2021 in the Prospect News Structured Products Daily.
New Issue: BofA prices $500,000 buffered autocallable notes on indexes
By Wendy Van Sickle
Columbus, Ohio, June 18 – BofA Finance LLC priced $500,000 of 0% buffered autocallable yield notes due May 19, 2023 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.
The notes will be called at par plus a 5% annualized premium if each index closes at or above its initial level on any quarterly observation date after one year.
The payout at maturity will be par plus 10% if all three indexes finish above their initial level, Otherwise, the payout will be par unless any index finishes below its 75% threshold level, in which case investors will be fully exposed to the losses 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: | Buffered autocallable notes
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| Underlying indexes: | S&P 500, Russell 2000, Dow Jones industrial average
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| Amount: | $500,000
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| Maturity: | May 19, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above initial level, par plus 10%; if any index falls but not below downside threshold, par; otherwise 1% loss for each 1% decline of worst performing index
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| Call: | At par plus 5% annualized premium if each index closes at or above its initial level on any quarterly observation date after one year
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| Initial levels: | 2,135.139 for Russell, 33,587.66 for Dow, 4,063.04 for S&P
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| Thresholds: | 1,601.354 for Russell, 25,190.75 for Dow, 3,047.28 for S&P; 75% of initial levels
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| Pricing date: | May 14
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| Settlement date: | May 19
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 0.25%
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| Cusip: | 09709ULN6
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