Published on 8/27/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.56 million contingent income issuer callable yield notes on three indexes
By William Gullotti
Buffalo, N.Y., Aug. 27 – BofA Finance LLC priced $1.56 million of contingent income issuer callable yield notes due Aug. 27, 2026 linked to the worst performing of the Dow Jones industrial average, 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 5.25% if each underlying index closes at or above its 70% coupon barrier on the observation date for that period.
The notes are callable at par on any quarterly determination date after six months.
The payout at maturity will be par plus the final coupon unless any index finishes below its 70% 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: | Dow Jones industrial average, Russell 2000, S&P 500 index
|
Amount: | $1,561,000
|
Maturity: | Aug. 27, 2026
|
Coupon: | 5.25% 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 plus final coupon; otherwise, 1% loss for each 1% decline of worst performing index from its initial level
|
Call option: | At par on any quarterly determination date after six months
|
Initial levels: | 35,335.71 for Dow, 2,208.295 for Russell, 4,479.53 for S&P
|
Coupon barriers: | 24,735.0 for Dow, 1,545.807 for Russell, 3,135.67 for S&P; 70% of initial levels
|
Downside thresholds: | 24,735.0 for Dow, 1,545.807 for Russell, 3,135.67 for S&P; 70% of initial levels
|
Pricing date: | Aug. 23
|
Settlement date: | Aug. 26
|
Selling agent: | BofA Securities, Inc.
|
Fees: | 3.5%
|
Cusip: | 09709UNT1
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.