Published on 4/26/2021 in the Prospect News Structured Products Daily.
New Issue: BofA prices $610,000 contingent income autocallable yield notes on stocks
By Kiku Steinfeld
Chicago, April 26 – BofA Finance LLC priced $610,000 of contingent income autocallable yield notes due April 4, 2024 linked to the worst performing of the stocks of Ford Motor Co., Micron Technology, Inc., Southwest Airlines Co. and Norwegian Cruise Line Holdings Ltd., according to a 424B2 with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 13% if each stock closes at or above its 60% coupon barrier on the related determination date.
The notes will be automatically redeemed at par if each stock closes above its initial value on any quarterly call observation date.
The payout at maturity will be par if each stock finishes above its 60% trigger value.
Otherwise, investors will be fully exposed to any losses of the worst performing stock.
The notes will be guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Contingent income autocallable yield notes
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Underlying stocks: | Ford Motor Co., Micron Technology, Inc., Southwest Airlines Co. and Norwegian Cruise Line Holdings Ltd.
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Amount: | $610,000
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Maturity: | April 4, 2024
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Coupon: | 13% per year if each stock closes at or above its coupon barrier on the related determination date; payable monthly
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Price: | Par
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Payout at maturity: | Par if each stock finishes above its trigger value; otherwise, investors will be fully exposed to any losses of the worst performing stock
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Call: | Automatically at par if each stock closes above initial value on any quarterly call observation date
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Initial levels: | $12.17 for Ford, $92.41 for Micron, $61.30 for Southwest, $27.72 for Norwegian
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Coupon barriers: | $7.30 for Ford, $55.45 for Micron, $36.78 for Southwest, $16.63 for Norwegian; 60% of initial levels
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Trigger values: | $7.30 for Ford, $55.45 for Micron, $36.78 for Southwest, $16.63 for Norwegian; 60% of initial levels
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Pricing date: | April 1
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Settlement date: | April 7
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Selling agent: | BofA Securities, Inc.
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Fees: | 3.2%
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Cusip: | 09709UFU7
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