Published on 10/16/2020 in the Prospect News Structured Products Daily.
New Issue: BofA Finance sells $1.67 million fixed-income autocallables on four stocks
By Taylor Fox
New York, Oct. 16 – BofA Finance LLC priced $1.67 million of 10.5% fixed-income autocallable securities due Sept. 20, 2022 linked to the least performing of the common stocks of Walt Disney Co., American Express Co., Capital One Financial Corp. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
Coupons are paid monthly.
The notes will be automatically called at par plus the most recent coupon if each underlying stock closes at or above its initial level on any quarterly determination date starting March 15, 2021.
If the notes are not called and each stock finishes above its 60% downside threshold level, the payout at maturity will be par.
Otherwise, investors will lose 1% for each 1% decline of the least-performing stock.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Fixed-income autocallable securities
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| Underlying stocks: | Walt Disney Co., American Express Co., Capital One Financial Corp. and Netflix, Inc.
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| Amount: | $1,668,000
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| Maturity: | Sept. 20, 2022
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| Coupon: | 10.5%, payable monthly
|
| Price: | Par
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| Payout at maturity: | Par if each stock finishes above 60% downside threshold; otherwise, investors will lose 1% for each 1% decline of the least-performing stock
|
| Call: | Automatically at par plus coupon if each underlying stock closes at or above its initial level on any quarterly determination date starting March 15, 2021
|
| Initial levels: | $131.24 for Disney, $106.68 for American Express, $73.3 for Capital One and $495.99 for Netflix
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| Downside thresholds: | $78.74 for Disney, $64.01 for American Express, $43.98 for Capital One and $297.59 for Netflix; 60% of initial levels
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 18
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| Agent: | BofA Securities, Inc.
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| Fees: | 3.25%
|
| Cusip: | 09709TT84
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