Published on 2/19/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $535,000 autocallable notes tied to S&P, Russell
By Kiku Steinfeld
Chicago, Feb. 19 – BofA Finance LLC priced $535,000 of autocallable notes due Feb. 8, 2024 linked to the least performing of the S&P 500 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 be called at par plus 9.6% per year if each index closes at or above its call level on any of five semiannual call dates. The call level will be 100% of each index’s initial level on the first four call dates and 85% of each index’s initial level on the final call date.
If the lesser performing index finishes at or above its 85% redemption level, the payout at maturity will be par plus 28.8%.
If the lesser performing index finishes below its 85% redemption level but at or above its 65% threshold level, the payout will be par.
Otherwise, investors will be fully exposed to the decline of the least performing index.
BofA Securities, Inc.is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Autocallable notes
|
| Underlying indexes: | S&P 500 index, Russell 2000 index
|
| Amount: | $535,000
|
| Maturity: | Feb. 8, 2024
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above redemption barrier, par plus 28.8%; if lesser performing index finishes below redemption barrier but at or above threshold level, par; otherwise, investors will be fully exposed to decline of lesser performing index
|
| Call: | Automatically at par plus 9.6% per year if each index closes at or above its call level on any of five semiannual call dates; call level will be 100% of initial level on first four call dates and 85% of initial level on final date
|
| Initial levels: | 3,886.83 for S&P, 2,233.327 for Russell
|
| Redemption barriers: | 3,303.81 for S&P, 1,898.328 for Russell; 85% of initial levels
|
| Threshold levels: | 2,526.44 for S&P, 1,451.663 for Russell; 65% of initial levels
|
| Pricing date: | Feb. 5
|
| Settlement date: | Feb. 10
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 1%
|
| Cusip: | 09709UAU2
|
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