Published on 2/24/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $829,000 contingent income issuer callable yield notes on indexes
By William Gullotti
Buffalo, N.Y., Feb. 24 – BofA Finance LLC priced $829,000 of contingent income issuer callable yield notes due April 28, 2026 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 5% if each underlying index closes at or above its 50% coupon barrier on the observation date for that period.
The notes are callable at par plus coupon on any quarterly determination date after six months.
The payout at maturity will be par unless any index finishes below its 50% 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 issuer callable yield notes
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Underlying indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
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Amount: | $829,000
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Maturity: | April 28, 2026
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Coupon: | 5% annualized rate, payable quarterly if each index closes at or above its coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
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Call option: | At par plus coupon on any quarterly determination date after six months
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Initial levels: | 4,180.17 for S&P, 2,271.856 for Russell, 13,941.44 for Nasdaq
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Coupon barriers: | 2,090.09 for S&P, 1,135.928 for Russell, 6,970.72 for Nasdaq; 50% of initial levels
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Downside thresholds: | 2,090.09 for S&P, 1,135.928 for Russell, 6,970.72 for Nasdaq; 50% of initial levels
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Pricing date: | April 23, 2021
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Settlement date: | April 28, 2021
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Selling agent: | BofA Securities, Inc.
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Fees: | 0.65%
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Cusip: | 09709UHH4
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