Published on 4/6/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.99 million market-linked autocalls with contingent downside on ETFs
By William Gullotti
Buffalo, N.Y., April 6 – BofA Finance LLC priced $1.99 million of market-linked securities – autocallable with contingent downside due April 7, 2025 linked to the performance of the iShares Silver Trust and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 20% annualized call premium if each ETF closes at or above the initial level on any annual observation date.
If the notes are not called at maturity and each ETF finishes at or above its downside threshold, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
The notes are guaranteed by Bank of America Corp.
Wells Fargo Securities, LLC and BofA Securities, Inc. are the agents.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Market linked securities – autocallable with contingent downside
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| Underlying funds: | iShares Silver Trust, VanEck Vectors Gold Miners ETF
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| Amount: | $1,987,000
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| Maturity: | April 7, 2025
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | If the notes are not called and each ETF finishes at or above downside threshold, par; otherwise, full exposure to decline of worst performer from initial level
|
| Call: | At par plus a 20% annualized call premium if each ETF closes at or above its initial level on any annual observation date
|
| Initial levels: | $22.88 for Silver, $38.35 for Gold
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| Downside thresholds: | $16.016 for Silver, $26.845 for Gold; 70% of initial levels
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| Pricing date: | March 31
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| Settlement date: | April 5
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| Agents: | Wells Fargo Securities, LLC and BofA Securities, Inc.
|
| Fees: | 2.425%
|
| Cusip: | 09709UE46
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