Published on 3/16/2022 in the Prospect News Structured Products Daily.
New Issue: BofA prices $17.98 million of trigger autocallable contingent yield notes on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, March 16 – BofA Finance LLC priced $17.98 million of trigger autocallable contingent yield notes due March 15, 2027 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will pay a contingent quarterly coupon at an annual rate of 7.6% if each index closes at or above its coupon barrier, 70% of its initial level, on the relevant observation date.
The notes will be called at par of $10 plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon unless either index finishes below the downside threshold level, 60% of its initial level, in which case investors will lose 1% for every 1% loss of the worst performer from its initial level.
UBS Financial Services Inc. and BofA Securities, Inc. are the agents.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | S&P 500 index and Russell 2000 index
|
| Amount: | $17,979,580
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| Maturity: | March 15, 2027
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| Coupon: | 7.6% annual rate, payable quarterly if each index closes at or above coupon barrier on quarterly observation date
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus the final coupon unless either index finishes below downside threshold, in which case 1% loss for each 1% decline of worse performing index
|
| Call: | At par plus coupon if both indexes close at or above initial levels on any quarterly observation date after six months
|
| Initial index levels: | 4,227.88 for S&P, 2,016.291 for Russell
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| Coupon barrier levels: | 2,959.52 for S&P, 1,411.404, for Russell; 70% of initial levels
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| Downside thresholds: | 2,536.73 for S&P, 1,209.775 for Russell; 60% of initial levels
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| Pricing date: | March 11
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| Settlement date: | March 16
|
| Agents: | UBS Financial Services Inc. and BofA Securities, Inc.
|
| Fees: | 2.25%
|
| Cusip: | 09710G304
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