Published on 10/20/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $3.88 million contingent income autocalls on Dow, Target, eBay
By William Gullotti
Buffalo, N.Y., Oct. 20 – BofA Finance LLC priced $3.88 million of contingent income autocallable yield notes due Oct. 18, 2024 tied to the stocks of Dow Inc., Target Corp. and eBay Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at the rate of 12.25% per year if each stock closes at or above its coupon barrier level, 60% of its initial level, on the observation date that period.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial level on any quarterly call determination date after six months.
If the notes are not called and each stock finishes at or above its downside threshold level, 60% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
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| Underlying stocks: | Dow Inc., Target Corp., eBay Inc.
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| Amount: | $3,882,000
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| Maturity: | Oct. 18, 2024
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| Coupon: | 12.25% per year, payable monthly if each stock closes at or above coupon barrier level on any observation date
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold, par plus final coupon; if any stock finishes below downside threshold level, full exposure to decline of lowest-performing stock from its initial level
|
| Call option: | At par plus coupon if each stock closes at or above its initial level on any quarterly call determination date after six months
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| Initial levels: | $58.96 for Dow, $245.71 for Target, $74.90 for eBay
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| Coupon barriers: | $35.38 for Dow, $147.43 for Target, $44.94 for eBay; 60% of initial levels
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| Downside threshold levels: | $35.38 for Dow, $147.43 for Target, $44.94 for eBay; 60% of initial levels
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| Pricing date: | Oct. 15
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| Settlement date: | Oct. 20
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| Agent: | BofA Securities, Inc.
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| Fees: | 1.5%
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| Cusip: | 09709UTT5
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