Published on 9/21/2020 in the Prospect News Structured Products Daily.
New Issue: BofA prices $250,000 fixed income autocallable yield notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, Sept. 21 – BofA Finance LLC priced $250,000 of fixed income autocallable yield notes due Sept. 20, 2022 linked to the worst performing of the common stocks of Centene Corp., MetLife, Inc., UnitedHealth Group and American International Group, Inc., according to a 424B2 with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 10.5%.
The notes will be automatically redeemed at par if each stock closes above 100% of its initial value on any quarterly call observation date after six months.
The payout at maturity will be par plus the coupon if all stocks close above their 60% trigger values.
Otherwise, investors will be fully exposed to any losses of the worst performing stock.
The notes will be guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Fixed income autocallable yield notes
|
| Underlying stocks: | Centene Corp., MetLife, Inc., UnitedHealth Group and American International Group, Inc.
|
| Amount: | $250,000
|
| Maturity: | Sept. 20, 2022
|
| Coupon: | 10.5% per year; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par plus the coupon if all stocks finish above their trigger values; otherwise, investors will be fully exposed to the losses of the worst performing stock
|
| Call: | Automatically at par if each stock closes at or above its initial value on any quarterly call observation date after six months
|
| Initial levels: | $58.18 for Centene, $37.51 for MetLife, $307.23 for UnitedHealth, $28.93 for AIG
|
| Trigger values: | $34.91 for Centene, $22.51 for MetLife, $184.34 for UnitedHealth, $17.36 for AIG, 60% of initial levels
|
| Pricing date: | Sept. 15
|
| Settlement date: | Sept. 18
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 3.25%
|
| Cusip: | 09709TT76
|
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