Published on 8/24/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $37.11 million trigger autocallable contingent yield notes on Stoxx indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 24 – BofA Finance LLC priced $37.11 million of trigger autocallable contingent yield notes due Aug. 22, 2024 linked to the Euro Stoxx 50 index and the Euro Stoxx Banks index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will pay a contingent quarterly coupon at an annual rate of 7.25% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be redeemed at par plus the coupon if all three indexes close above their initial levels on any quarterly observation date after six months.
The payout at maturity will be par plus the coupon, if any, unless any index finishes below its 60% downside threshold, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
BofA Securities, Inc. and UBS Financial Services Inc. are the agents.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | Euro Stoxx 50 index and Euro Stoxx Banks index
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| Amount: | $37,113,830
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| Maturity: | Aug. 22, 2024
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| Coupon: | 7.25%, payable quarterly if each index closes at or above coupon barrier on observation date
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| Price: | Par of $10
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| Call: | At par plus the coupon if all three indexes close above their initial levels on any quarterly observation date after six months
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| Payout at maturity: | Par plus the coupon, if applicable, if all three indexes finish above 60% of initial level; otherwise, 1% loss for each 1% decline of the worse performing index from initial level
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| Initial levels: | 4,189.42 for Euro Stoxx 50 and 97.03 for Euro Stoxx Banks
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| Coupon barriers: | 2,932.59 for Euro Stoxx 50 and 67.92 for Euro Stoxx Banks, 70% of initial levels
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| Downside thresholds: | 2,513.65 for Euro Stoxx 50 and 58.22 for Euro Stoxx Banks, 60% of initial levels
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| Pricing date: | Aug. 18
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| Settlement date: | Aug. 23
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| Agents: | BofA Securities, Inc. and UBS Financial Services Inc.
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| Fees: | 2%
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| Cusip: | 09710E697
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