Published on 9/30/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $46.79 million trigger callable contingent yield notes on Russell, S&P, Stoxx
By William Gullotti
Buffalo, N.Y., Sept. 30 – BofA Finance LLC priced $46.79 million of trigger callable contingent yield notes with daily coupon observation due March 26, 2025 linked to the worst performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.92% if each index closes at or above its coupon barrier level, 70% of its initial level, on each trading day during the relevant observation period.
The notes will be callable at par of $10 plus any coupon due on any quarterly observation date.
If the notes are not called and each index finishes at or above its downside threshold level, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
The notes are guaranteed by Bank of America Corp.
UBS Financial Services Inc. and BofA Securities, Inc. are the agents.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Trigger callable contingent yield notes with daily coupon observation
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Underlying indexes: | Euro Stoxx 50 index, Russell 2000 index, S&P 500 index
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Amount: | $46,785,000
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Maturity: | March 26, 2025
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Coupon: | 9.92% per year, payable quarterly if each index closes at or above its coupon barrier level on each trading day during the relevant observation period
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Price: | Par of $10
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Payout at maturity: | Par unless any index finishes below downside threshold level, in which case 1% loss for every 1% decline of worst performing index from its initial level
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Call option: | At par plus any coupon due on any quarterly observation date
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Initial levels: | 2,186.183 for Russell, 4,354.19 for S&P, 4,097.51 for Stoxx
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Coupon barrier levels: | 1,530.328 for Russell, 3,047.93 for S&P, 2,868.26 for Stoxx; 70% of initial levels
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Downside thresholds: | 1,311.71 for Russell, 2,612.51 for S&P, 2,458.51 for Stoxx; 60% of initial levels
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Pricing date: | Sept. 21
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Settlement date: | Sept. 24
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Agents: | UBS Financial Services Inc. and BofA Securities, Inc.
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Fees: | 1%
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Cusip: | 09710E481
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