Published on 11/15/2020 in the Prospect News Structured Products Daily.
New Issue: BofA sells $500,000 contingent income autocallable yield notes on Dow, Nasdaq, S&P
By Taylor Fox
New York, Nov. 16 – BofA Finance LLC priced $500,000 of contingent income autocallable yield notes due Oct. 26, 2023 linked to the worst performing of the Nasdaq-100 index, 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 monthly coupon at an annual rate of 7% if each underlying index closes at or above its 60% coupon barrier on the observation date for that month.
The notes will be called at par on if each index closes above its initial level on any monthly determination date after six months.
The payout at maturity will be par unless any index finishes below its 60% 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
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
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| Underlying indexes: | Nasdsaq-100 index, S&P 500 index and Dow Jones industrial average
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| Amount: | $500,000
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| Maturity: | Oct. 26, 2023
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| Coupon: | 7% annualized rate, payable monthly if each index closes at or above its coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
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| Call: | At par if each index closes above its initial level on any monthly determination date after six months
|
| Initial levels: | 28,195.42 for Dow, 11,634.35 for Nasdaq, 3,426.92 for S&P
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| Coupon barriers: | 16,917.25 for Dow, 6,980.61 for Nasdaq, 2,056.15 for S&P, 60% of initial levels
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| Downside thresholds: | 16,917.25 for Dow, 6,980.61 for Nasdaq, 2,056.15 for S&P, 60% of initial levels
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| Pricing date: | Oct. 22
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| Settlement date: | Oct. 27
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 0.25%
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| Cusip: | 09709TZ38
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