Published on 10/9/2020 in the Prospect News Structured Products Daily.
New Issue: BofA sells $625,000 contingent income autocallables tied to Nasdaq, S&P
By Wendy Van Sickle
Columbus, Ohio, Oct. 8 – BofA Finance LLC priced $625,000 of contingent income autocallable notes due Oct. 6, 2022 linked to the worst performing of the Nasdaq-100 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 6.2% if each underlying asset closes at or above its 70% coupon barrier on the observation date.
The notes will be called at par if each asset closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless either underlying asset finishes below its 70% threshold level, in which case investors will be fully exposed to any losses of the worse performing asset.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable notes
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| Underlying assets: | Nasdaq-100 index and S&P 500 index
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| Amount: | $625,000
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| Maturity: | Oct. 6, 2022
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| Coupon: | 6.2% annualized, payable quarterly if each asset closes at or above its coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above threshold level, par plus coupon; otherwise, 1% loss for each 1% decline of worse performing asset
|
| Call: | At par if each component closes at or above its initial level on any quarterly observation date
|
| Initial levels: | 11,255.69 for Nasdaq, 3,348.44 for S&P
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| Coupon barriers: | 7,878.983 for Nasdaq, 2,343.908 for S&P; 70% of initial levels
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| Threshold levels: | 7,878.983 for Nasdaq, 2,343.908 for S&P; 70% of initial levels
|
| Pricing date: | Oct. 2
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| Settlement date: | Oct. 7
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| Underwriter: | BofA Securities, Inc.
|
| Fees: | 2.5%
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| Cusip: | 09709TX71
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