Published on 2/15/2021 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.29 million contingent income autocallable yield notes on indexes
By Kiku Steinfeld
Chicago, Feb. 16 – BofA Finance LLC priced $1.29 million of contingent income autocallable yield notes due Nov. 6, 2025 linked to the least performing of the Nasdaq-100 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 6% if each index closes at or above its coupon barrier, 75% of its initial level, on the observation date for that month.
The notes will be called at par plus the contingent coupon on any quarterly call observation date after one year if each index finishes at or above its initial level.
The payout at maturity will be par plus any final coupon unless any index finishes below its 60% threshold level, in which case investors will be fully exposed to any 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 autocallable yield notes
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| Underlying indexes: | Nasdaq-100, Russell 2000, Dow Jones industrial average
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| Amount: | $1,285,000
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| Maturity: | Nov. 6, 2025
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| Coupon: | 6% annual rate, payable monthly if each index closes at or above coupon barrier on observation date for that month
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold, par plus any coupon; otherwise 1% loss for each 1% decline of worst performing index
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| Call: | At par plus coupon on any quarterly call observation date after one year if indexes finish at or above initial levels
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| Initial levels: | 13,490.19 for Nasdaq, 2,159.703 for Russell, 30,723.60 for Dow
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| Coupon barriers: | 10,051.78 for Nasdaq, 1,619.777 for Russell, 23,042.70 for Dow, 75% of initial levels
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| Buffer levels: | 8,041.42 for Nasdaq, 1,295.822 for Russell, 18,434.16 for Dow, 60% of initial levels
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| Pricing date: | Feb. 3
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| Settlement date: | Feb. 8
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 3.75%
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| Cusip: | 09709UAA6
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