Published on 3/28/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $2.21 million contingent market-linked autocalls on three indexes
Chicago, March 28 – BofA Finance LLC priced $2.21 million of market-linked securities due April 29, 2025 – autocallable with contingent coupon and contingent downside linked to the lowest performing of the Russell 2000 index, the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 6.25% if each index closes above its 70% coupon barrier on the related observation date.
The notes will be automatically redeemed early at par plus the contingent coupon due if each index closes above its initial level on any quarterly observation date starting after six months.
The payout at maturity will be par unless any index finishes below its 70% downside threshold, in which case the payout will be par plus the return of the worst performing index with full exposure to any losses.
The notes are guaranteed by Bank of America Corp.
Wells Fargo Securities, LLC and BofA Securities, Inc. are the agents.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying indexes: | Russell 2000 index, Dow Jones industrial average, S&P 500 index
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| Amount: | $2,210,000
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| Maturity: | April 29, 2025
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| Coupon: | 6.25% annual rate, payable quarterly if each index closes above its coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any index falls by more than downside threshold level, in which case 1% loss per 1% decline of the worst performing index from its initial level
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| Call: | Automatically at par plus coupon if each index closes above initial level on any quarterly observation date after six months
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| Initial levels: | 2,295.456 for Russell, 34,060.36 for Dow, 4,211.47 for S&P
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| Coupon barrier levels: | 1,606.8192 for Russell, 23,842.252 for Dow, 2,948.029 for S&P; 70% of initial levels
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| Downside threshold levels: | 1,606.8192 for Russell, 23,842.252 for Dow, 2,948.029 for S&P; 70% of initial levels
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| Pricing date: | April 29, 2021
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| Settlement date: | May 4, 2021
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| Agents: | Wells Fargo Securities, LLC and BofA Securities, Inc.
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| Fees: | 2.175%
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| Cusip: | 09709UFW3
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