Published on 1/28/2022 in the Prospect News Structured Products Daily.
New Issue: BofA prices $3.34 million buffered contingent income autocalls on ETF, S&P
By William Gullotti
Buffalo, N.Y., Jan. 28 – BofA Finance LLC priced $3.34 million of contingent income buffered autocallable yield notes due Jan. 30, 2024 linked to the SPDR S&P Biotech ETF and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 5% if each underlier closes above its 75% downside threshold on a related determination date.
After six months, the notes will be called at par plus the coupon if each underlier closes at or above initial levels on any quarterly determination date.
If the final level of each underlier is greater than or equal to the 75% downside threshold level, the payout at maturity will be par plus final contingent coupon. Otherwise, investors will be exposed to the decline of the least performing underlier below the threshold.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
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| Issue: | Contingent income buffered autocallable yield notes
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| Underlying assets: | SPDR S&P Biotech ETF, S&P 500 index
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| Amount: | $3,339,000
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| Maturity: | Jan. 30, 2024
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| Coupon: | 5% per year, payable quarterly if shares close at or above downside threshold level on the observation date for that period
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| Price: | Par
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| Payout at maturity: | If the final level of each underlier is greater than or equal to downside threshold level, par plus final coupon; otherwise, lose 1% for every 1% decline below 25%
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| Call: | Automatically at par plus contingent coupon if each underlier closes at or above initial levels on any quarterly determination date after six months
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| Initial levels: | $91.38 for ETF, 4,356.45 for S&P
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| Coupon barrier: | $68.54 for ETF, 3,267.34 for S&P; 75% of initial value
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| Downside threshold: | $68.54 for ETF, 3,267.34 for S&P; 75% of initial value
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| Pricing date: | Jan. 25
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| Settlement date: | Jan. 28
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| Agent: | BofA Securities, Inc.
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| Fees: | 2.6%
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| Cusip: | 09709UYQ5
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