Published on 3/29/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.99 million contingent income autocallable yield notes on three indexes
By William Gullotti
Buffalo, N.Y., March 29 – BofA Finance LLC priced $1.99 million of contingent income autocallable yield notes due March 27, 2025 linked to the worst performing of the Russell 2000 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8.1% if each underlying index closes at or above its 75% coupon barrier on the relevant observation date.
The notes will be called at par plus coupon if each index closes above its initial level on any monthly determination date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above its 60% threshold level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the 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
|
Guarantor: | Bank of America Corp.
|
Issue: | Contingent income autocallable yield notes
|
Underlying indexes: | Russell 2000 index, Nasdaq-100 index, Dow Jones industrial average
|
Amount: | $1,985,000
|
Maturity: | March 27, 2025
|
Coupon: | 8.1% annualized, payable monthly if each index closes at or above its coupon barrier on the corresponding observation date
|
Price: | Par
|
Payout at maturity: | If each index finishes at or above coupon barrier, par plus final coupon; if the worst performer finishes below coupon barrier but not below downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index from its initial level
|
Call: | At par plus coupon if each index closes above its initial level on any monthly determination date after six months
|
Initial levels: | 14,765.69 for Nasdaq, 2,075.443 for Russell, 34,707.94 for Dow
|
Coupon barriers: | 11,074.27 for Nasdaq, 1,556.582 for Russell, 26,030.96 for Dow; 75% of initial levels
|
Downside thresholds: | 8,859.41 for Nasdaq, 1,245.266 for Russell, 20,824.76 for Dow; 60% of initial levels
|
Pricing date: | March 24
|
Settlement date: | March 29
|
Selling agent: | BofA Securities, Inc.
|
Fees: | 2.85%
|
Cusip: | 09709UJ58
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.