Published on 3/23/2021 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $1.63 million autocallable notes on three stocks
By Kiku Steinfeld
Chicago, March 23 – BofA Finance LLC priced $1.63 million autocallable notes due March 14, 2024 linked to the common stocks of American Airlines Group Inc., Citigroup Inc. and Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the closing share price of each stock is greater than or equal to 85% of its initial value on any quarterly determination date, the notes will be automatically redeemed at par plus a 25% annualized premium.
If the notes are not called and the final share price of each stock is at or 85% of its initial value, the payout at maturity will be par plus 75%.
If the final share price of any stock is less than 85% of its of its initial value but no less than 65% of its initial value, the payout will be par.
Otherwise, investors will lose 1% for every 1% decline of the worst-performing stock.
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: | Autocallable notes
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| Underlying stocks: | American Airlines Group Inc., Citigroup Inc. and Apple Inc.
|
| Amount: | $1,633,000
|
| Maturity: | March 14, 2024
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final share price of each stock is at or above 85% of its initial value, par plus 75%; if final share price of any stock is less than 85% of its of its initial value but no less than 65% of its initial value, par; otherwise, investors will lose 1% for every 1% decline of worst-performing stock
|
| Call: | Automatically at par plus 25% annualized premium if closing share price of each stock is greater than its redemption barrier level on any quarterly determination date
|
| Initial prices: | $21.60 for American, $121.085 for Apple, $70.99 for Citi
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| Redemption barrier levels: $18.36 for American, $102.922 for Apple, $60.34 for Citi, 85% of initial prices
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| Threshold values: | $14.04 for American, $78.705 for Apple, $46.14 for Citi, 65% of initial prices
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| Pricing date: | March 9
|
| Settlement date: | March 12
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 4%
|
| Cusip: | 09709UEE4
|
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