Published on 4/19/2022 in the Prospect News Structured Products Daily.
New Issue: BofA Finance sells $1.09 million capped enhanced return notes on ETFs
Kiku Steinfeld
Chicago, April 19 – BofA Finance, LLC priced $1.09 million of 0% capped enhanced return notes due March 30, 2023 linked to the least performing of the SPDR S&P Biotech ETF and the iShares Biotechnology ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
If the final level of the least-performing index is greater than the initial level, the payout at maturity will be par plus 1.5 times the least-performing index return, up to the maximum payout of $1,700 per note per $1,000 face amount of notes. If the least-performing index declines by 30% or less, the payout will be par. If the least-performing index declines by more than 30%, investors will lose 1% for every 1% that the least-performing index declines from its initial level.
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: | Capped enhanced return notes
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| Underlying indexes: | SPDR S&P Biotech ETF, iShares Biotechnology ETF
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| Amount: | $1,092,000
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| Maturity: | March 30, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the final level of the least-performing index is greater than initial level, par plus 1.5 times index return, up to maximum payout of $1,700 per $1,000 face amount of note; if least-performing index declines by 30% or less, par; otherwise, full exposure to loss
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| Initial index level: | $167.51 for iShares, $131.91 for SPDR
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| Threshold values: | 70% of initial levels
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| Pricing date: | Sept. 27, 2021
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| Settlement date: | Sept. 30, 2021
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 0%
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| Cusip: | 09709URW0
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