Published on 3/30/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $7.24 million contingent income autocallable yield notes on indexes, ETF
By William Gullotti
Buffalo, N.Y., March 30 – BofA Finance LLC priced $7.24 million of contingent income autocallable yield notes due March 28, 2024 linked to the worst performing of the Nasdaq-100 index, the Dow Jones industrial average and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 15% if each underlier closes at or above its 73.95% coupon barrier on the observation date for that period.
The notes will be called at par plus the coupon if each underlier closes at or above its initial level on any quarterly determination date.
If the notes are not called and each underlier finishes at or above its 73.95% downside threshold level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
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 autocallable yield notes
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| Underlying assets: | Nasdaq-100 index, Dow Jones industrial average, SPDR S&P Regional Banking ETF
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| Amount: | $7,235,000
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| Maturity: | March 28, 2024
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| Coupon: | 15% annualized rate, payable quarterly if each underlier closes at or above its coupon barrier on observation date for that period
|
| Price: | Par
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| Payout at maturity: | If the final level of each underlier is greater than or equal to downside threshold, par plus final coupon; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
|
| Call option: | Automatically at par plus coupon if each underlier closes at or above its initial level on any quarterly determination date
|
| Initial levels: | $71.79 for ETF, 14,754.31 for Nasdaq, 34,861.24 for Dow
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| Coupon barriers: | $53.09 for ETF, 10,910.81 for Nasdaq, 25,779.89 for Dow; 73.95% of initial levels
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| Downside thresholds: | $53.09 for ETF, 10,910.81 for Nasdaq, 25,779.89 for Dow; 73.95% of initial levels
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| Pricing date: | March 25
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| Settlement date: | March 31
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 1.75%
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| Cusip: | 09709UL55
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