Published on 4/27/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $4.97 million trigger autocallable contingent yield notes on two indexes
By Wendy Van Sickle
Columbus, Ohio, April 27 – BofA Finance LLC priced $4.97 million of trigger autocallable contingent yield notes due April 25, 2025 linked to the Dow Jones industrial average and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will pay a contingent quarterly coupon at an annual rate of 10.35% if each index closes at or above its coupon barrier level, 70% of its initial level, on the relevant observation date.
The notes will be called at par of $10 plus the coupon if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above the 70% downside threshold. If any index falls beyond the threshold, investors will lose 1% for each 1% decline of the worst performer from its initial level.
UBS Financial Services Inc. and BofA Securities are the agents.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index
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Amount: | $4,974,500
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Maturity: | April 25, 2025
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Coupon: | 10.35%, payable quarterly if each index closes at or above coupon barrier level on observation date
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Price: | Par of $10
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Payout at maturity: | If each index finishes at or above downside threshold, par plus final coupon; otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level
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Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly observation date after six months
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Initial levels: | 33,811.4 for Dow, 13,356.87 for Nasdaq
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Coupon barriers: | 23,667.98 for Dow, 9,349.81 for Nasdaq, 70% of initial levels
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Downside thresholds: | 70% of initial levels
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Pricing date: | April 22
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Settlement date: | April 27
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Agents: | UBS Financial Services Inc. and BofA Securities
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Fees: | 0%
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Cusip: | 09710G817
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