Published on 7/16/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $4.97 million autocallable market-linked step-up notes on Euro Stoxx 50
By William Gullotti
Buffalo, N.Y., July 16 – BofA Finance LLC priced $4.97 million of 0% autocallable market-linked step-up notes due May 31, 2024 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will be automatically called at par plus a 9.5% annualized premium if the index closes at or above its initial level on the June 2, 2022 observation date, par plus 19% for the May 18, 2023 observation date.
If the index finishes above the step-up level, 125% of the initial level, the payout at maturity will be par plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 25%. Otherwise, investors will be exposed to the index decline from its initial level.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | Euro Stoxx 50 index
|
| Amount: | $4,974,000
|
| Maturity: | May 31, 2024
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the index finishes above the step-up level, par plus the index gain; if the index gains up to the step-up level, par plus 25%; lose 1% for every 1% decline from initial level
|
| Call: | Automatically at par plus 9.5% if the index closes at or above its initial level on the June 2, 2022 observation date, par plus 19% for the May 18, 2023 observation date
|
| Initial level: | 4,039.21
|
| Step-up value: | 5,049.01, 125% of initial level
|
| Pricing date: | May 27
|
| Settlement date: | June 4
|
| Underwriter: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 09710D426
|
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