Published on 6/6/2021 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.5 million contingent income buffered autocalls on VanEck, Russell
By William Gullotti
Buffalo, N.Y., June 7 – BofA Finance LLC priced $1.5 million of contingent income buffered autocallable yield notes due May 16, 2026 linked to the least performing of the VanEck Vectors Gold Miners ETF and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annual rate of 7% if each underlying closes above its 80% downside threshold on the related determination date.
After six months, the notes will be called at par plus coupon due if each underlying closes at or above initial levels on any quarterly determination date after one year.
If the final share price is greater than or equal to the 80% downside threshold level, the payout at maturity will be par plus final contingent coupon. Otherwise, investors be exposed to the decline of the least performing underlier.
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 buffered autocallable yield notes
|
| Underlying assets: | VanEck Vectors Gold Miners ETF, Russell 2000 index
|
| Amount: | $1,497,000
|
| Maturity: | May 16, 2026
|
| Coupon: | 7% per year, payable monthly if shares close at or above downside threshold level on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus any final contingent coupon; otherwise, full exposure to decline of least performing underlier
|
| Call: | After one year, automatically at par plus contingent coupon if underlyings close at or above initial levels on any quarterly determination date after one year
|
| Initial levels: | $36.86 for VanEck, 2,135.139 for Russell
|
| Coupon barrier levels: | $29.49 for VanEck, 1,708.111 for Russell; 80% of initial value
|
| Downside threshold levels: | $29.49 for VanEck, 1,708.111 for Russell; 80% of initial value
|
| Pricing date: | May 12
|
| Settlement date: | May 17
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 3.75%
|
| Cusip: | 09709UJN9
|
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