Published on 5/15/2021 in the Prospect News Structured Products Daily.
New Issue: BofA prices $740,000 contingent income autocallable yield notes on tech stocks
By Kiku Steinfeld
Chicago, May 17 – BofA Finance LLC priced $740,000 of contingent income autocallable yield notes due May 2, 2024 linked to the worst performing of the common stocks of Amazon.com, Inc., Apple Inc., Facebook, Inc. and Netflix, Inc., according to a 424B2 with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 9.5% if each stock closes at or above its 60% coupon barrier on the related determination date.
The notes will be automatically redeemed at par if each stock closes above its initial value on any quarterly call observation date after six months.
The payout at maturity will be par plus the coupon if each stocks close above their 60% trigger values.
Otherwise, investors will be fully exposed to any losses of the worst performing stock.
The notes will be 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 stocks: | Amazon.com, Inc., Apple Inc., Facebook, Inc. and Netflix, Inc.
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Amount: | $740,000
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Maturity: | May 2, 2024
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Coupon: | 9.5% annual rate if each stock closes at or above its coupon barrier on the related determination date; payable monthly
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Price: | Par
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Payout at maturity: | Par plus the coupon if all stocks close above their trigger values; otherwise, investors will be fully exposed to the losses of the worst performing stock
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Call: | Automatically at par if each stock closes at or above its initial value on any quarterly call observation date after six months
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Initial levels: | $3,417.43for Amazon, $134.39 for Apple, $303.57 for Facebook, $505.55 for Netflix
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Coupon barriers/triggers: | $2,050.46 for Amazon, $80.63 for Apple, $182.14 for Facebook, $303.33 for Netflix; 60% 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: | 3%
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Cusip: | 09709UGH5
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