Published on 2/24/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.1 million autocallable notes tied to energy, jets ETFs
By William Gullotti
Buffalo, N.Y., Feb. 24 – BofA Finance LLC priced $1.1 million of autocallable notes due April 25, 2024 linked to the least performing of the Energy Select Sector SPDR fund and the U.S. Global Jets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will be called at par plus 16.75% per year if each fund closes at or above its initial level on any quarterly call valuation date starting after six months.
The payout at maturity will $1,502.50 per note if each fund finishes at or above its initial level. If each fund finishes below its initial level but at or above its threshold level, 65% of its initial level, the payout will be par.
Otherwise, investors will be fully exposed to the decline of the least performing fund.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Autocallable notes
|
| Underlying funds: | Energy Select Sector SPDR fund, U.S. Global Jets ETF
|
| Amount: | $1,100,000
|
| Maturity: | April 25, 2024
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If each fund finishes at above its initial level, $1,502.50 per note; if each fund finishes below initial level but at or above threshold level, par; otherwise, investors will be fully exposed to the decline of the least performing fund
|
| Call: | Automatically at par plus 16.75% per year if each fund closes at or above its initial level on any quarterly call valuation date starting after six months
|
| Initial levels: | $25.33 for Global Jets, $47.11 for Energy Select
|
| Threshold levels: | $16.46 for Global Jets, $30.62 for Energy Select; 65% of initial levels
|
| Pricing date: | April 22, 2021
|
| Settlement date: | April 27, 2021
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 3.75%
|
| Cusip: | 09709UHC5
|
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