Published on 5/5/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.61 million contingent income autocallable yield notes on Russell, S&P
By Kiku Steinfeld
Chicago, May 5 – BofA Finance LLC priced $1.61 million of contingent income autocallable yield notes due July 6, 2022 linked to the worst performing of the Russell 2000 index and the S&P 500 index, 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% 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.
If the notes have not been called, the payout at maturity will be par unless either index closes below its 75% downside threshold during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level.
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 indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $1,613,000
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| Maturity: | July 6, 2022
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| Coupon: | 8% annualized, payable monthly if each index closes at or above its coupon barrier on the corresponding observation date
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| Price: | Par
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| Payout at maturity: | Par unless either index closes below its downside threshold during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level
|
| Call: | At par plus coupon if each index closes above its initial level on any monthly determination date after six months
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| Initial levels: | 2,204.372 for Russell, 4,307.54 for S&P
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| Coupon barriers: | 1,653.279 for Russell, 3,230.66 for S&P; 75% of initial levels
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| Downside thresholds: | 1,653.279 for Russell, 3,230.66 for S&P; 75% of initial levels
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| Pricing date: | Sept. 30, 2021
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| Settlement date: | Oct. 5, 2021
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 0.5%
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| Cusip: | 09709UQS0
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