Published on 3/28/2022 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.37 million buffered contingent income autocalls on VanEck, S&P
By William Gullotti
Buffalo, N.Y., March 28 – BofA Finance LLC priced $2.37 million of contingent income buffered autocallable yield notes due May 3, 2023 linked to the least performing of the VanEck Vectors Gold Miners ETF and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 5.3% if each underlying closes above its 80% coupon barrier on a related determination date.
After six months, the notes will be called at par plus coupon due if each underlying closes at or above initial levels on any quarterly determination date other than the final determination date.
If the worst performer finishes greater than or equal to the 80% downside threshold level, the payout at maturity will be par plus final contingent coupon. Otherwise, investors be exposed to the decline of the least performing underlier.
Bank of America Corp. is guaranteeing the notes.
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 buffered autocallable yield notes
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| Underlying assets: | VanEck Vectors Gold Miners ETF, S&P 500 index
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| Amount: | $2,371,000
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| Maturity: | May 3, 2023
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| Coupon: | 5.3% per year, payable quarterly if both assets close at or above downside threshold level on the observation date for that period
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| Price: | Par
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| Payout at maturity: | If both assets finish greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, full exposure to decline of least performing underlier
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| Call: | Beginning after six months, at par plus contingent coupon if both underlyings close at or above initial levels on any quarterly determination date after, other than final determination date
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| Initial levels: | $35.45 for VanEck, 4,183.18 for S&P
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| Coupon barrier levels: | $28.36 for VanEck, 3,346.54 for S&P; 80% of initial value
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| Downside threshold levels: | $28.36 for VanEck, 3,346.54 for S&P; 80% of initial value
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| Pricing date: | April 28, 2021
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| Settlement date: | April 30, 2021
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| Agent: | BofA Securities, Inc.
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| Fees: | 2.75%
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| Cusip: | 09709UHL5
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