Published on 6/22/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.5 million contingent income issuer callable yield notes on indexes
By William Gullotti
Buffalo, N.Y., June 22 – BofA Finance LLC priced $1.5 million of contingent income issuer callable yield notes due May 19, 2026 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 6.9% if each underlying index closes at or above its 65% coupon barrier on the observation date for that period.
The notes are callable at par on any quarterly determination date.
The payout at maturity will be par unless any index finishes below its 55% threshold level, in which case investors will be fully exposed to any 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
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income issuer callable yield notes
|
| Underlying indexes: | Nasdaq-100 index, Russell 2000, S&P 500 index
|
| Amount: | $1,500,000
|
| Maturity: | May 19, 2026
|
| Coupon: | 6.9% annualized rate, payable quarterly if each index closes at or above its coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
|
| Call option: | At par on any quarterly determination date
|
| Initial levels: | 13,393.12 for Nasdaq, 2,224.63 for Russell, 4,173.85 for S&P
|
| Coupon barrier levels: | 8,705.53 for Nasdaq, 1,446.01 for Russell, 2,713.00 for S&P; 65% of initial levels
|
| Downside threshold levels: | 7,366.22 for Nasdaq, 1,223.547 for Russell, 2,295.62 for S&P; 55% of initial levels
|
| Pricing date: | May 14
|
| Settlement date: | May 19
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 0.75%
|
| Cusip: | 09709ULK2
|
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