Published on 6/21/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $2 million contingent income autocallable yield notes on S&P, Nasdaq
By William Gullotti
Buffalo, N.Y., June 21 – BofA Finance LLC priced $2 million of contingent income autocallable yield notes due May 17, 2024 linked to the worst performing of the Nasdaq-100 index and the S&P 500 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 6% if each underlying index closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes will be called at par on if each index closes above its initial level on any quarterly determination date after one year.
The payout at maturity will be par unless any index finishes below its 65% threshold level, in which case investors will be fully exposed to any 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
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income autocallable yield notes
|
| Underlying assets: | Nasdaq-100 index and S&P 500 index
|
| Amount: | $2,000,000
|
| Maturity: | May 17, 2024
|
| Coupon: | 6% annualized, payable quarterly if each index closes at or above its coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
|
| Call: | At par if each index closes above its initial level on any quarterly determination date after one year
|
| Initial levels: | 4,173.85 for S&P, 13,393.12 for Nasdaq
|
| Coupon barriers: | 2,713.00 for S&P, 8,705.53 for Nasdaq, 65% of initial levels
|
| Downside thresholds: | 2,713.00 for S&P, 8,705.53 for Nasdaq, 65% of initial levels
|
| Pricing date: | May 14
|
| Settlement date: | May 19
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 0.5%
|
| Cusip: | 09709ULM8
|
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