Published on 11/1/2021 in the Prospect News Structured Products Daily.
New Issue: BofA sells $4.61 million contingent income issuer callable yield notes on S&P, Russell
Chicago, Nov. 1 – BofA Finance LLC priced $4.61 million of contingent income issuer callable yield notes due April 1, 2024 linked to the worst performing of the S&P 500 index and the Russell 2000 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 6% if each underlying index 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 after six months.
The payout at maturity will be par unless any index finishes below its 65% threshold level, in which case investors will be fully exposed to any losses of the worst performing index.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Contingent income issuer callable yield notes
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Underlying indexes: | S&P 500 index and Russell 2000 index
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Amount: | $4,610,000.00
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Maturity: | April 1, 2024
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Coupon: | 6% annualized, payable quarterly if each index closes at or above its coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
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Call option: | At par on any quarterly determination date after six months
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Initial levels: | 3,974.47 for S&P, 2,221.482 for Russell
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Coupon barriers: | 2,583.41 for S&P, 1,443.963 for Russell, 65% of initial levels
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Downside thresholds: | 2,583.41 for S&P, 1,443.963 for Russell, 65% of initial levels
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Pricing date: | March 26
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Settlement date: | March 31
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Underwriter: | BofA Securities, Inc.
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Fees: | 2.5%
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Cusip: | 09709UDH8
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