Published on 4/27/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $20.20 million three-year Mitts on commodity futures basket
By Marisa Wong
Los Angeles, April 27 – BofA Finance LLC priced $20,202,140 of 0% Market Index Target-Term Securities due April 17, 2025 linked to a basket of four commodity futures contracts, according to a 424B2 filing with the Securities and Exchange Commission.
The basket is comprised of equal weights of the WTI crude oil futures contract, natural gas futures contract, corn futures contract and soybeans futures contract.
The notes are guaranteed by Bank of America Corp.
The payout at maturity will be par of $10 plus 135% of any basket gain.
If the basket falls, the payout will be par.
BofA Securities Inc. is the underwriter.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Market Index Target-Term Securities
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Underlying basket: | WTI crude oil futures contract, natural gas futures contract, corn futures contract and soybeans futures contract, equally weighted
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Amount: | $20,202,140
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Maturity: | April 17, 2025
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 135% of any basket gain; if the basket falls, par
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Initial prices: | $102.07 for crude oil, $6.534 for natural gas, $7.9300 for corn, $17.1600 for soybeans (closing prices on pricing date)
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Initial basket level: | 100
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Final basket level: | Average of basket’s closing levels on five trading days ending April 14, 2025
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Pricing date: | April 22
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Settlement date: | April 29
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Underwriter: | BofA Securities Inc.
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Fees: | 2.25%
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Cusip: | 09710F496
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