Published on 5/15/2021 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.27 million contingent income callable yield notes on S&P, Russell
By Kiku Steinfeld
Chicago, May 17 – BofA Finance LLC priced $1.27 million of contingent income issuer callable yield notes due May 2, 2024 linked to the least performing of the S&P 500 index and the Russell 2000 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% if each index closes at or above its coupon barrier, 65% of its initial level, on the observation date for that period.
The notes are callable at par plus any contingent coupon on any quarterly call observation date after six months.
The payout at maturity will be par unless any index finishes below its 65% 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 issuer callable yield notes
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| Underlying indexes: | S&P 500, Russell 2000
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| Amount: | $1,266,000
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| Maturity: | May 2, 2024
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| Coupon: | 5% annual rate, payable quarterly if each index closes at or above coupon barrier on observation date for that period
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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 option: | At par plus any coupon on any quarterly call observation date after six months
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| Initial levels: | 4,186.72 for S&P, 2,301.267 for Russell
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| Coupon barriers: | 2,721.37 for S&P, 1,495.824 for Russell, 65% of initial levels
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| Downside thresholds: | 2,721.37 for S&P, 1,495.824 for Russell, 65% of initial levels
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| Pricing date: | April 27
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| Settlement date: | April 30
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 2.5%
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| Cusip: | 09709UFS2
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