Published on 8/25/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $5.19 million contingent income issuer callable yield notes on indexes
By Taylor Fox
New York, Aug. 25 – BofA Finance LLC priced $5.19 million of contingent income issuer callable yield notes due Feb. 13, 2025 linked to the worst performing of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 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 8.5% if each underlying index closes at or above its 60% coupon barrier on the observation date for that period.
The notes are callable at par on any quarterly determination date.
The payout at maturity will be par unless any index finishes below its 60% 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: | Dow Jones industrial average, Russell 2000 and S&P 500 index
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Amount: | $5,186,000
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Maturity: | Feb. 13, 2025
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Coupon: | 8.5% annualized rate, payable quarterly if each index closes at or above its 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 on any quarterly determination date
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Initial levels: | 31,385.76 for Dow, 2,289.756 for Russell and 3,915.59 for S&P
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Coupon barriers: | 18,831.46 for Dow, 1,373.854 for Russell and 2,349.35 for S&P; 60% of initial levels
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Downside thresholds: | 18,831.46 for Dow, 1,373.854 for Russell and 2,349.35 for S&P; 60% of initial levels
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Pricing date: | Feb. 8
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Settlement date: | Feb. 11
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Selling agent: | BofA Securities, Inc.
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Fees: | 0.25%
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Cusip: | 09709UBQ0
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