Published on 9/17/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $6.73 million contingent market-linked autocalls on Nasdaq, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Sept. 17 – BofA Finance LLC priced $6.73 million of 0% market-linked securities due Sept. 3, 2024 – autocallable with contingent downside linked to the least 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 be called at par plus a 10.25% annualized call premium if each index closes at or above its initial level on any annual observation date.
If the notes are not called, the payout at maturity will be par unless any index finishes below its 75% downside threshold, in which case the payout will be par plus the return of the worst performing index with full exposure to any losses.
BofA Securities, Inc. is the lead agent and Wells Fargo Securities, LLC is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Market linked securities – autocallable with contingent downside
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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| Amount: | $6,733,000
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| Maturity: | Sept. 3, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If notes are not called, par unless any index falls by more than its downside threshold, in which case 1% loss per 1% decline of the worst performing index from its initial level
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| Call: | At par plus 10.25% annualized call premium if each index closes at or above its initial level on any annual observation date
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| Initial levels: | 15,605.09 for Nasdaq, 2,265.99 for Russell, 4,528.79 for S&P
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| Downside threshold levels: | 11,703.8175 for Nasdaq, 1,699.4925 for Russell, 3,396.5925 for S&P; 75% of initial levels
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| Pricing date: | Aug. 30
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| Settlement date: | Sept. 2
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| Agents: | BofA Securities, Inc. as lead agent and Wells Fargo Securities, LLC as agent
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| Fees: | 2.425%
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| Cusip: | 09709UNZ7
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