Published on 11/23/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $43.8 million trigger callable contingent yield notes on Russell, S&P, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Nov. 23 – BofA Finance LLC priced $43.8 million of trigger callable contingent yield notes with daily coupon observation due Aug. 22, 2024 linked to the worst performing of the Nasdaq-100 index, 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 9.75% if each index closes at or above its coupon barrier level, 70% of its initial level, on each trading day during the relevant observation period.
The notes will be callable at par of $10 plus any coupon due on any quarterly observation date.
If the notes are not called and each index finishes at or above its downside threshold level, 65% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the least-performing index from its initial level.
The notes are guaranteed by Bank of America Corp.
UBS Financial Services Inc. and BofA Securities, Inc. are the agents.
Issuer: | BofA Finance LLC
|
Guarantor: | Bank of America Corp.
|
Issue: | Trigger callable contingent yield notes with daily coupon observation
|
Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
|
Amount: | $43,802,800
|
Maturity: | Aug. 22, 2024
|
Coupon: | 9.75% per year, payable quarterly if each index closes at or above its coupon barrier level on each trading day during the relevant observation period
|
Price: | Par of $10
|
Payout at maturity: | Par unless any index finishes below downside threshold level, in which case 1% loss for every 1% decline of worst performing index from its initial level
|
Call option: | At par plus any coupon due on any quarterly observation date
|
Initial levels: | 2,363.589 for Russell, 4,704.54 for S&P, 16,482.98 for Nasdaq
|
Coupon barrier levels: | 1,654.512 for Russell, 3,293.18 for S&P, 11,538.09 for Nasdaq; 70% of initial levels
|
Knock-in levels: | 1,536.333 for Russell, 3,057.95 for S&P, 10,713.94 for Nasdaq; 65% of initial levels
|
Pricing date: | Nov. 18
|
Settlement date: | Nov. 23
|
Agents: | UBS Financial Services Inc. and BofA Securities, Inc.
|
Fees: | 1%
|
Cusip: | 09710E366
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.