Published on 6/15/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.73 million autocallable notes tied to three indexes
By Kiku Steinfeld
Chicago, June 15 – BofA Finance LLC priced $1.73 million of autocallable notes due May 22, 2026 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, 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 12% per year if each index closes at or above 103% of its initial level on any quarterly call valuation date after one year.
The payout at maturity will be par plus 60% if each index finishes at or above 103% of its initial level. If any index finishes below 103% of its initial level but each index finishes at or above its threshold level, 75% of its initial 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 and Dow Jones industrial average
|
| Amount: | $1,725,000
|
| Maturity: | May 22, 2026
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 60% if each index finishes at or above 103% of initial level; if any index finishes below 103% of initial level but each index finishes at or above threshold level, par; otherwise, full exposure to decline of least performing index
|
| Call: | Automatically at par plus 12% per year if each index closes at or above 103% of its initial level on any quarterly call valuation date after one year
|
| Initial levels: | 33,896.04 for Dow, 4,115.68 for S&P, 2,193.642 for Russell
|
| Threshold levels: | 25,422.03 for Dow, 3,086.76 for S&P, 1,645.232 for Russell, 75% of initial levels
|
| Pricing date: | May 19
|
| Settlement date: | May 24
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | None
|
| Cusip: | 09709UKM9
|
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