Published on 11/17/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $8.8 million contingent income autocallable yield notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, Nov. 17 – BofA Finance LLC priced $8.8 million of contingent income autocallable yield notes due Nov. 14, 2024 linked to the worst performing of the Euro Stoxx 50 index, the Russell 2000 index and the Nasdaq-100 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 6.1% if each underlying index closes at or above its 75% coupon barrier on the relevant observation date.
The notes will be called at par plus coupon if each index closes above its initial level 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 60% 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
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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: | Euro Stoxx 50, Russell 2000 index, Nasdaq-100 index
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Amount: | $8.8 million
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Maturity: | Nov. 14, 2024
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Coupon: | 6.1% annualized, payable quarterly if each index closes at or above its coupon barrier on the corresponding observation date
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Price: | Par
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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
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Call: | At par plus coupon if each index closes above its initial level on any quarterly determination date after six months
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Initial levels: | 4,358.0 for Stoxx, 16,032.47 for Nasdaq, 2,409.144 for Russell
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Coupon barriers levels: | 3,268.5 for Stoxx, 12,024.35 for Nasdaq, 1,806.858 for Russell; 75% of initial levels
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Downside threshold levels: | 2,614.8 for Stoxx, 9,619.48 for Nasdaq, 1,445.486 for Russell; 60% of initial levels
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Pricing date: | Nov. 11
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Settlement date: | Nov. 16
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Selling agent: | BofA Securities, Inc.
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Fees: | 2.35%
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Cusip: | 09709UVR6
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