Published on 2/20/2021 in the Prospect News Structured Products Daily.
New Issue: BofA prices $4.45 million contingent income buffered autocalls on three stocks
By Kiku Steinfeld
Chicago, Feb. 22 – BofA Finance LLC priced $4.45 million of contingent income buffered autocallable securities due Feb. 8, 2024 linked to the lesser performing of the common stocks of Zoom Video Communications, Inc., Square, Inc. and Raytheon Technologies Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
Each month, the notes will pay a contingent coupon at the rate of 16.5% per year if each underlier closes at or above its coupon barrier, 70% of its initial level, on the determination date for that period.
After six months, the notes will be automatically called at par if each underlier closes at or above its initial level on any quarterly call determination date.
The payout at maturity will be par unless either underlier finishes below its 70% buffer level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 30%.
BofA Securities, Inc. is the selling agent.
Issuer: | BofA Finance LLC
|
Guarantor: | Bank of America Corp.
|
Issue: | Contingent income buffered autocallable securities
|
Underliers: | Zoom Video Communications, Inc., Square, Inc. and Raytheon Technologies Corp.
|
Amount: | $4,454,000
|
Maturity: | Feb. 8, 2024
|
Coupon: | 16.5% per year, payable monthly if each underlier closes at or above coupon barrier level on determination date
|
Price: | Par
|
Payout at maturity: | Par unless either underlier finishes below buffer level, in which case 1% loss for every 1% that lesser-performing underlier declines beyond buffer
|
Call: | After six months, automatically at par if each underlier closes at or above initial level on any quarterly call determination date
|
Initial levels: | $419.59 for Zoom, $240.38 for Square, $72.33 for Raytheon
|
Coupon barriers: | $293.71 for Zoom, $168.27 for Square, $50.63 for Raytheon; 70% of initial levels
|
Buffer levels: | $293.71 for Zoom, $168.27 for Square, $50.63 for Raytheon; 70% of initial levels
|
Pricing date: | Feb. 5
|
Settlement date: | Feb. 10
|
Selling agent: | BofA Securities, Inc.
|
Fees: | 3.5%
|
Cusip: | 09709UAG3
|
|
© 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.