Published on 1/11/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.65 million contingent market-linked autocalls on indexes, ETF
By Kiku Steinfeld
Chicago, Jan. 11 – BofA Finance LLC priced $1.65 million of 0% market-linked securities due Dec. 20, 2024 – autocallable with contingent coupon and contingent downside linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.5% if each asset closes at or above its 70% coupon barrier on the observation date for that period.
The notes will be called at par if each asset closes at or above its initial level on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par unless any asset finishes below its 70% downside threshold, in which case the payout will be par plus the return of the worst performing asset with full exposure to any losses.
BofA Securities, Inc. and Wells Fargo Securities, LLC are the selling agents.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
|
| Underlying assets: | Nasdaq-100 index, Russell 2000 index and SPDR S&P Regional Banking ETF
|
| Amount: | $1.65 million
|
| Maturity: | Dec. 20, 2024
|
| Coupon: | 9.5% annual rate, payable quarterly if all assets close at or above their coupon barrier levels on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | If notes are not called, par unless any asset falls by more than its downside threshold, in which case 1% loss per 1% decline of the worst performing asset from its initial level
|
| Call: | At par if each asset closes at or above its initial level on any quarterly observation date after six months
|
| Initial levels: | 15,801.46 for Nasdaq, 2,173.931 for Russell, $68.35 for ETF
|
| Coupon barrier levels: | 11,061.022 for Nasdaq, 1,521.7517 for Russell, $47.845 for ETF; 70%
|
| Downside threshold levels: | 11,061.022 for Nasdaq, 1,521.7517 for Russell, $47.845 for ETF; 70% of initial levels
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 22
|
| Agents: | BofA Securities, Inc. and Wells Fargo Securities, LLC
|
| Fees: | 2.125%
|
| Cusip: | 09709UWN4
|
© 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.
