Published on 12/20/2021 in the Prospect News Structured Products Daily.
New Issue: BofA prices $375,000 contingent income callable yield notes on indexes
By Kiku Steinfeld
Chicago, Dec. 20 – BofA Finance LLC priced $375,000 of contingent income issuer callable yield notes due Aug. 29, 2024 linked to the least performing of the Russell 2000 index, the Nasdaq-100 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 5.25% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes are callable at par plus any contingent coupon on any observation date after six months other than the final one.
The payout at maturity will be par the final coupon due unless any index finishes below its 70% threshold level, in which case investors will be fully exposed to the 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: | Nasdaq-100 index, S&P 500 index and Russell 2000 index
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Amount: | $375,000
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Maturity: | Aug. 29, 2024
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Coupon: | 5.25% annual rate, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold, par plus final coupon; otherwise, 1% loss for each 1% decline of worst performing index
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Call option: | At par plus any coupon on any observation date after six months other than final one
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Initial levels: | 4,470.00 for S&P, 15,278.52 for Nasdaq, 2,213.979 for Russell
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Coupon barriers: | 3,129.00 for S&P, 10,694.96 for Nasdaq, 1,549.785 for Russell, 70% of initial levels
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Downside thresholds: | 3,129.00 for S&P, 10,694.96 for Nasdaq, 1,549.785 for Russell, 70% of initial levels
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Pricing date: | Aug. 26
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Settlement date: | Aug. 31
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Selling agent: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 09709UPG7
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