Published on 11/10/2020 in the Prospect News Structured Products Daily.
New Issue: BofA sells $14.11 million contingent income issuer callable yield notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, Nov. 10 – BofA Finance LLC priced $14.11 million of contingent income issuer callable yield notes due Nov. 2, 2023 linked to the worst performing of the SPDR S&P Regional Banking ETF, 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 quarterly coupon at an annual rate of 12.15% if each underlying asset closes at or above its 65% coupon barrier on the observation date for that period.
The notes are callable at par on any quarterly determination date.
The payout at maturity will be par unless any underlying asset finishes below its 65% threshold level, in which case investors will be fully exposed to any losses of the worst performing underlying asset.
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.
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| Issue: | Contingent income issuer callable yield notes
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| Underlying assets: | SPDR S&P Regional Banking ETF, Russell 2000 index and S&P 500 index
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| Amount: | $14,112,000
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| Maturity: | Nov. 2, 2023
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| Coupon: | 12.15% annualized, payable quarterly if each underlying asset closes at or above its coupon barrier on observation date for that period
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| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing asset
|
| Call option: | At par on any quarterly determination date
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| Initial levels: | 3,310.11 for S&P, 1,561.577 for Russell and $40.54 for ETF
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| Coupon barriers: | 2,151.57 for S&P, 1,015.025 for Russell and $26.35 for ETF, 65% of initial levels
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| Downside thresholds: | 2,151.57 for S&P, 1,015.025 for Russell and $26.35 for ETF, 65% of initial levels
|
| Pricing date: | Oct. 29
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| Settlement date: | Nov. 3
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| Selling agent: | BofA Securities, Inc.
|
| Fees: | 1.75%
|
| Cusip: | 09709TZ79
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