Published on 3/11/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $115,000 7% fixed-income autocallable yield notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, March 11 – BofA Finance LLC priced $115,000 of 7% fixed-income autocallable yield notes due June 1, 2022 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if each index closes at or above its initial level on any quarterly determination date after six months
The payout at maturity will be par unless the lesser performing index finishes below its 75% threshold value, in which case investors will be fully exposed to the losses of that 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: | Fixed-income autocallable yield notes
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Underlying indexes: | Russell 2000 index and S&P 500 index
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Amount: | $115,000
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Maturity: | June 1, 2022
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Coupon: | 7% annualized, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless lesser performing index finishes below threshold value, in which case 1% loss for each 1% decline of lesser performing index
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Call: | At par if each index closes at or above its initial level on Aug. 26, 2021, Nov. 26, 2021 or Feb. 28, 2022
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Initial levels: | 3,811.15 for S&P, 2,201.051 for Russell
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Knock-in levels: | 2,858.36 for S&P, 1,650.788 for Russell, 75% of initial levels
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Pricing date: | Feb. 26
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Settlement date: | March 3
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Selling agent: | BofA Securities, Inc.
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Fees: | 0.5%
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Cusip: | 09709UBA5
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