Published on 3/4/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $18.97 million contingent income autocallable yield notes on funds
By Wendy Van Sickle
Columbus, Ohio, March 4 – BofA Finance LLC priced $18.97 million of contingent income autocallable yield notes due Feb. 8, 2024linked to the worst performing of the SPDR S&P Biotech ETF, the Technology Select Sector SPDR fund 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 underlying asset closes at or above its 68% coupon barrier on the observation date for that quarter.
The notes will be called at par on if each asset closes above its initial level on any quarterly determination date.
The payout at maturity will be par unless any asset finishes below its 68% threshold level, in which case investors will be fully exposed to any losses of the worst performing asset.
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: | Technology Select Sector SPDR fund, SPDR S&P Biotech ETF and SPDR S&P Regional Banking ETF
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| Amount: | $18.97 million
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| Maturity: | Feb. 8, 2024
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| Coupon: | 15% annualized, payable quarterly if each asset closes at or above its coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each asset finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing asset
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| Call: | At par if each asset closes above its initial level on any quarterly determination date
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| Initial levels: | $148.00 for Biotech, $130.69 for Technology, $64.26 for Regional Banking
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| Coupon barriers: | $100.64 for Biotech, $88.87 for Technology, $43.70 for Regional Banking, 68% of initial levels
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| Downside thresholds: | $100.64 for Biotech, $88.87 for Technology, $43.70 for Regional Banking, 68% of initial levels
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| Pricing date: | Feb. 26
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| Settlement date: | March 4
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 1.75%
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| Cusip: | 09709UCX4
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