Published on 1/18/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $542,000 contingent income autocallable yield notes on Nasdaq, Russell
By Taylor Fox
New York, Jan. 19 – BofA Finance LLC priced $542,000 of contingent income autocallable yield notes due March 28, 2022 linked to the worst performing of the Russell 2000 index and the Nasdaq-100 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 5.5% if each underlying index closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be called at par on if each index closes above 90% of its initial level on any quarterly determination date after six months.
The payout at maturity will be par unless any index finishes below its 75% 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.
|
| Issue: | Contingent income autocallable yield notes
|
| Underlying indexes: | Russell 2000 index and Nasdaq-100 index
|
| Amount: | $542,000
|
| Maturity: | March 28, 2022
|
| Coupon: | 5.5% 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 90% of its initial level on any quarterly determination date after six months
|
| Initial levels: | 12,653.14 for Nasdaq, 2,007.104 for Russell
|
| Call values: | 11,387.83 for Nasdaq, 1,806.394 for Russell, 90% of initial levels
|
| Coupon barrier levels: | 9,489.86 for Nasdaq, 1,505.328 for Russell, 75% of initial levels
|
| Downside threshold levels: | 9,489.86 for Nasdaq, 1,505.328 for Russell, 75% of initial levels
|
| Pricing date: | Dec. 23
|
| Settlement date: | Dec. 29
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 09709T2W0
|
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