Published on 2/16/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $501,000 contingent income autocallable yield notes on S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, Feb. 16 – BofA Finance LLC priced $501,000 of contingent income autocallable yield notes due Nov. 9, 2022 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.4% if each index closes at or above its coupon barrier, 75% of its initial level, on the observation date for that period.
The notes will be called at par if all indexes close above their starting level on any observation date other than the final one
The payout at maturity will be par unless any index finishes below its 70% threshold level, in which case investors will be fully exposed to the losses of the worst performing index.
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: | Contingent income autocallable yield notes
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Underlying indexes: | Russell 2000 index, Nasdaq-100 index, S&P 500 index
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Amount: | $501,000
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Maturity: | Nov. 9, 2022
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Coupon: | 7.4% annual rate, payable quarterly if each index closes at or above coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
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Call: | At par if all indexes close above initial level on any observation date other than final one
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Initial levels: | 3,871.74 for S&P, 13,560.89 for Nasdaq, 2,202.418 for Russell
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Coupon barriers: | 2,903.81 for S&P, 10,170.67 for Nasdaq, 1,651.814 for Russell, 75% of initial levels
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Downside thresholds: | 2,710.22 for S&P, 9,492.62 for Nasdaq, 1,541.693 for Russell, 70% of initial levels Pricing date: | Feb. 4
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Settlement date: | Feb. 9
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Selling agent: | BofA Securities, Inc.
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Fees: | 2.25%
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Cusip: | 09709UAQ1
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