Published on 8/20/2020 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.53 million buffered enhanced return notes linked to S&P, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Aug. 20 – BofA Finance LLC priced $2.53 million of 0% buffered enhanced return securities due Aug. 19, 2022 linked to the lesser performing of the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the lesser-performing index’s final level is greater than the initial level, the payout at maturity will be par plus 103.5% of the lesser-performing index return. Investors will receive par if the lesser-performing index declines by 15% or less and will lose 1 for every 1% that it may decline beyond 15%.
The notes are 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: | Buffered enhanced return securities
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Underlying indexes: | S&P 500 and Nasdaq-100
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Amount: | $2,525,000
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Maturity: | Aug. 19, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If lesser-performing index’s final level is greater than initial level, par plus 103.5% of index return; par if lesser-performing index declines by 15% or less; 1% loss for every 1% that lesser-performing index may decline beyond 15%
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Initial levels: | 3,381.99 for S&P, 11,288.57 for Nasdaq
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Buffer levels: | 2,874.69 for S&P, 9,595.28 for Nasdaq, or 85% of initial level
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Pricing date: | Aug. 17
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Settlement date: | Aug. 20
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Selling agent: | BofA Securities, Inc.
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Fees: | 0.25%
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Cusip: | 09709TQ61
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