Published on 11/4/2020 in the Prospect News Structured Products Daily.
New Issue: BofA Finance sells $10.64 million fixed-income autocallables on indexes
By Wendy Van Sickle
Columbus, Ohio, Nov. 4 – BofA Finance LLC priced $10.64 million of 11.85% fixed-income autocallable securities due Aug. 4, 2021 linked to the least performing of the S&P 500 index, the Russell 2000 index and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
Coupons are paid monthly.
The notes will be automatically called at par plus the most recent coupon if each underlying index closes at or above its initial level on any quarterly determination date starting in February.
If the notes are not called and each index finishes above its 70% downside threshold level, the payout at maturity will be par.
Otherwise, investors will lose 1% for each 1% decline of the least-performing index.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Fixed-income autocallable securities
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
|
| Amount: | $10,639,000
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| Maturity: | Aug. 4, 2021
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| Coupon: | 11.85%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if each index finishes above 70% downside threshold; otherwise, investors will lose 1% for each 1% decline of the least-performing index
|
| Call: | Automatically at par plus coupon if each underlying index closes at or above its initial level on any quarterly determination date starting in February
|
| Initial levels: | 3,269.96 for S&P, 1,538.479 for Russell and 11,052.95 for Nasdaq
|
| Downside thresholds: | 2,288.97 for S&P, 1,076.935 for Russell and 7,737.07 for Nasdaq; 70% of initial levels
|
| Pricing date: | Oct. 30
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| Settlement date: | Nov. 4
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 0.25%
|
| Cusip: | 09709TY96
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