Published on 11/4/2020 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.03 million contingent income autocallable yield notes on S&P, Dow
By Wendy Van Sickle
Columbus, Ohio, Nov. 4 – BofA Finance LLC priced $1.03 million of contingent income autocallable yield notes due Nov. 3, 2022 linked to the worst performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.75% if each underlying index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par on if each index closes above its initial level on any quarterly determination date after six months.
The payout at maturity will be par unless any index finishes below its 70% threshold level, in which case investors will be fully exposed to any losses of the worst performing index.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
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| Underlying assets: | S&P 500 index and Dow Jones industrial average
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| Amount: | $1,027,000
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| Maturity: | Nov. 3, 2022
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| Coupon: | 6.75% annualized, payable quarterly if each index closes at or above its coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
|
| Call: | At par if each index closes above its initial level on any quarterly determination date after six months
|
| Initial levels: | 26,501.6 for Dow, 3,269.96 for S&P
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| Coupon barriers: | 18,551.12 for Dow, 2,288.97 for S&P, 70% of initial levels
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| Downside thresholds: | 18,551.12 for Dow, 2,288.97 for S&P, 70% of initial levels
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| Pricing date: | Oct. 30
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| Settlement date: | Nov. 3
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 1.5%
|
| Cusip: | 09709TZ87
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