Form 4: Bank of America Corp Disposes of BlackRock MuniYield Fund Shares in Automatic Tender

Bank of America Corporation and its subsidiary, Banc of America Preferred Funding Corp, disposed of 2,514 Variable Rate Demand Preferred Shares of BlackRock MuniYield Fund, Inc. due to an automatic tender.

Summary

• Bank of America Corporation and its subsidiary, Banc of America Preferred Funding Corporation, jointly filed a Form 4.
• The filing reports the disposal of 2,514 Variable Rate Demand Preferred Shares (VRDP Shares) of BlackRock MuniYield Fund, Inc.
• The VRDP Shares were disposed of due to an automatic tender at a price of $100,000 per share.
• Banc of America Preferred Funding Corporation is a wholly-owned subsidiary of Bank of America Corporation.
• Bank of America Corporation held an indirect interest in the shares through its subsidiary.
• Both entities are analyzing additional trading activity and expect to file another Form 4 soon.
• The filing includes a joint filing agreement between the two entities.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing related to a pre-defined event (automatic tender). There is no indication of positive or negative sentiment.

Risks

• The document indicates that the reporting persons are analyzing additional trading activity and expect to file another Form 4, which could indicate further changes in ownership.

Future Outlook

The reporting persons are analyzing additional trading activity and expect to file another Form 4 as promptly as reasonably practicable once that analysis is complete.

Industry Context

This filing reflects a change in ownership of shares in a closed-end fund, which is a common occurrence in the financial markets. The automatic tender mechanism is a feature of some preferred shares, and this transaction is a result of that mechanism.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders and major shareholders of publicly traded companies.
• The automatic tender of preferred shares is a contractual mechanism that is not uncommon in the market for preferred securities.
• The price of $100,000 per share is a standard par value for this type of security.

Stakeholder Impact

• The transaction has a direct impact on the ownership structure of BlackRock MuniYield Fund, Inc.

Next Steps

• Bank of America Corporation and Banc of America Preferred Funding Corporation will file another Form 4 after analyzing additional trading activity.

Key Dates

Keywords

Form 4, Bank of America, BlackRock MuniYield Fund, Variable Rate Demand Preferred Shares, Automatic Tender, Securities Exchange Act, Beneficial Ownership, Banc of America Preferred Funding Corp