Published on 6/15/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.23 million contingent income autocallable yield notes on two ETFs
By Wendy Van Sickle
Columbus, Ohio, June 15 – BofA Finance LLC priced $1.23 million of contingent income autocallable yield notes due May 22, 2024 linked to the worst performing of the iShares Global Clean Energy ETF and the Invesco Solar ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9% if each underlying asset closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be called at par on if each asset closes above its initial level on any quarterly determination date after one year.
The payout at maturity will be par unless any asset finishes below its 60% threshold level, in which case investors will be fully exposed to any losses of the worst performing asset.
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.
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| Issue: | Contingent income autocallable yield notes
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| Underlying assets: | iShares Global Clean Energy ETF and Invesco Solar ETF
|
| Amount: | $1,229,000
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| Maturity: | May 22, 2024
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| Coupon: | 9% annualized, payable quarterly if each asset closes at or above its coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing asset
|
| Call: | At par if each asset closes above its initial level on any quarterly determination date after one year
|
| Initial levels: | $21.40 for Clean Energy, $71.32 for Invesco
|
| Coupon barriers: | $12.84 for Clean Energy, $42.79 for Invesco, 60% of initial levels
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| Downside thresholds: | $12.84 for Clean Energy, $42.79 for Invesco, 60% of initial levels
|
| Pricing date: | May 17
|
| Settlement date: | May 20
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 2.85%
|
| Cusip: | 09609ULH9
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