Published on 3/25/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $2.01 million autocallable notes on Dow, S&P, Nasdaq
By William Gullotti
Buffalo, N.Y., March 25 – BofA Finance LLC priced $2.01 million of autocallable notes due March 21, 2025 linked to the least performing of the Nasdaq-100 index, the Dow Jones industrial average and the S&P 500 index, 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 13.75% per year if each index closes at or above its initial level on any quarterly call valuation date after six months.
The payout at maturity will be par plus 41.25% if each index finishes at or above its initial level. If any index finishes below its initial level but each finishes at or above its threshold level, 70% of its initial level, the payout will be par.
Otherwise, investors will be fully exposed to the decline of the least performing index from its initial level.
BofA Securities, Inc. is the selling agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Autocallable notes
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Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average, S&P 500 index
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Amount: | $2,014,000
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Maturity: | March 21, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If each index finishes at above its initial level, par plus 41.25%; if the least performing index finishes below initial level but at or above threshold level, par; otherwise, investors will be fully exposed to the decline of the least performing index from its initial level
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Call: | Automatically at par plus 13.75% per year if each index closes at or above its initial level on any quarterly call valuation date after six months
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Initial levels: | 4,461.18 for S&P, 14,376.09 for Nasdaq, 34,552.99 for Dow
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Threshold levels: | 3,122.83 for S&P, 10,063.26 for Nasdaq, 24,187.09 for Dow; 70% of initial levels
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Pricing date: | March 21
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Settlement date: | March 23
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Selling agent: | BofA Securities, Inc.
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Fees: | 3%
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Cusip: | 09709UK31
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