Published on 6/13/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $3.2 million 6.75% trigger callable yield notes on Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, June 13 – BofA Finance LLC priced $3.2 million of 6.75% trigger callable yield notes due Sept. 12, 2023 linked to the performance of the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
Interest is payable monthly.
The notes are callable at par on any monthly coupon payment date after three months.
The payout at maturity will be par of $10 unless any index finishes below its 60% downside threshold level, in which case investors will lose 1% for each 1% decline of the worst performer from its initial level.
BofA Securities, Inc. and UBS Financial Services Inc. are the agents.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Trigger callable yield notes
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Underlying indexes: | Dow Jones industrial average, Russell 2000 index
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Amount: | $3.2 million
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Maturity: | Sept. 12, 2023
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Coupon: | 6.75% per year, payable monthly
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Price: | Par of $10
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Payout at maturity: | Par unless any index finishes below downside threshold, in which case 1% loss for each 1% decline of worst performer from initial level
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Call option: | At par monthly on any coupon date after three months
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Initial levels: | 33,180.14 for Dow, 1,919.563 for Russell
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Downside thresholds: | 19,908.08 for Dow, 1,151.738 for Russell; 60% of initial level
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Pricing date: | June 7
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Settlement date: | June 10
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Underwriter: | BofA Securities, Inc. and UBS Financial Services Inc.
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Fees: | 1%
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Cusip: | 09710G510
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