Published on 12/14/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $600,000 contingent income autocallable yield notes on three indexes
Chicago, Dec. 14 – BofA Finance LLC priced $600,000 of contingent income autocallable yield notes due April 6, 2023 linked to the worst performing of the Russell 2000 index, the Nasdaq-100 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 8% if each underlying index closes at or above its 80% coupon barrier on the relevant observation date. Previously unpaid coupons will also be paid.
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 if each index finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above its 70% threshold level, the payout at maturity will be par plus any coupon due. Otherwise, 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 autocallable yield notes
|
| Underlying assets: | Russell 2000 index, Nasdaq-100 index, S&P 500
|
| Amount: | $600,000
|
| Maturity: | April 6, 2023
|
| Coupon: | 8% annualized, payable monthly if each index closes at or above its coupon barrier on the corresponding observation date; previously unpaid coupons will also be paid
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above threshold level, par plus any final coupon; otherwise, 1% loss for each 1% decline of worst performing index from its initial level
|
| Call: | At par plus coupon if each index closes above its initial level on any quarterly determination date after six months
|
| Initial levels: | 13,329.51 for Nasdaq, 2,253.903 for Russell, 4,019.87 for S&P
|
| Coupon barriers: | 10,663.61 for Nasdaq, 1,803.122 for Russell, 3,215.90 for S&P; 80% of initial levels
|
| Downside thresholds: | 9,330.66 for Nasdaq, 1,577.732 for Russell, 2,813.91 for S&P; 70% of initial levels
|
| Pricing date: | April 1
|
| Settlement date: | April 7
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 0.25%
|
| Cusip: | 09709UFY9
|
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