Published on 8/21/2020 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.87 million contingent income autocallable yield notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 21 – BofA Finance LLC priced $1.87 million of contingent income autocallable yield notes due Feb. 17, 2022 linked to the worst performing of the common stocks of Amazon.com, Inc., Facebook, Inc., Alphabet Inc. and Netflix, Inc., according to a 424B2 with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 12.5% if each stock closes at or above its 65% coupon barrier on the related determination date.
The notes will be automatically redeemed at par if each stock closes above 100% of its initial value on any quarterly call observation date after six months.
The payout at maturity will be par plus the coupon if all stocks close above their 65% trigger values.
Otherwise, investors will be fully exposed to any losses of the worst performing stock.
The notes will be guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
Issuer: | BofA Finance LLC
|
Guarantor: | Bank of America Corp.
|
Issue: | Contingent income autocallable yield notes
|
Underlying stocks: | Amazon.com, Inc., Facebook, Inc., Alphabet Inc. and Netflix, Inc.
|
Amount: | $1.87 million
|
Maturity: | Feb. 17, 2022
|
Coupon: | 12.5% per year if each stock closes at or above its coupon barrier on the related determination date; payable quarterly
|
Price: | Par
|
Payout at maturity: | Par plus the coupon if all stocks close above their trigger values; otherwise, investors will be fully exposed to the losses of the worst performing stock
|
Call: | Automatically at par if each stock closes at or above its initial value on any quarterly call observation date after six months
|
Initial levels: | $3,148.02 for Amazon, $1,504.63 for Alphabet, $261.24 for Facebook, $482.68 for Netflix
|
Coupon barriers: | $2,046.21 for Amazon, $978.01 for Alphabet, $169.81 for Facebook, $313.74 for Netflix; 65% of initial levels
|
Trigger values: | $2,046.21 for Amazon, $978.01 for Alphabet, $169.81 for Facebook, $313.74 for Netflix; 65% of initial levels
|
Pricing date: | Aug. 14
|
Settlement date: | Aug. 19
|
Selling agent: | BofA Securities, Inc.
|
Fees: | 2.4%
|
Cusip: | 09709TQ79
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.