Published on 5/2/2022 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.55 million buffered contingent income autocalls on Nasdaq, Russell
By William Gullotti
Buffalo, N.Y., May 2 – BofA Finance LLC priced $1.55 million of contingent income buffered autocallable yield notes due April 30, 2027 linked to the Nasdaq-100 index and the Russell 2000 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 monthly coupon at an annual rate of 7.9% if each index closes at or above its 85% downside threshold on a related determination date.
The notes will be called at par plus coupon if each index closes at or above initial levels on any monthly determination date after one year.
If the final level of each index is greater than or equal to the 85% downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% decline in worst performing index beyond 15%.
BofA Securities, Inc. is the 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 indexes: | Nasdaq-100 index, Russell 2000 index
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Amount: | $1.55 million
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Maturity: | April 30, 2027
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Coupon: | 7.9% per year, payable monthly if each index closes 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 final level of each index is greater than or equal to downside threshold level, par plus final coupon; otherwise, investors will lose 1% for every 1% decline of worst performer beyond 15%
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Call: | At par plus contingent coupon if each index closes at or above initial levels on any monthly determination date after one year
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Initial levels: | 13,003.36 for Nasdaq, 1,884.038 for Russell
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Coupon barriers: | 11,052.86 for Nasdaq, 1,601.432 for Russell; 85% of initial levels
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Downside thresholds: | 11,052.86 for Nasdaq, 1,601.432 for Russell; 85% of initial levels
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Pricing date: | April 27
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Settlement date: | April 29
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Agent: | BofA Securities, Inc.
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Fees: | 3.6%
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Cusip: | 09709US33
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