Published on 10/9/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $515,000 contingent income issuer callable yield notes on indexes, ETF
By Kiku Steinfeld
Chicago, Oct. 9 – BofA Finance LLC priced $515,000 of contingent income issuer callable yield notes due March 27, 2026 linked to the Dow Jones industrial average, Russell 2000 index and Technology Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12.4%, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called starting June 29, 2023 on any monthly call date.
If the worst performing asset gains or ends above its 70% threshold value the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing asset declines if it finishes below its threshold value.
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 assets: | Dow Jones industrial average, Russell 2000 index and Technology Select Sector SPDR Fund
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Amount: | $515,000
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Maturity: | March 27, 2026
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Coupon: | 12.4%, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date
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Price: | Par
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Payout at maturity: | If worst performing asset finishes at or above its 70% threshold value, par; 1% loss for every 1% that worst performing asset declines if it finishes below its threshold value
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Call: | Starting June 29, 2023 on any monthly call date
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Initial levels: | 32,237.53 for Dow, 1,734.923 for Russell, $145.96 for Technology Select Sector SPDR Fund
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Downside thresholds: | 22,566.27 for Dow, 1,214.446 for Russell, $102.17 for Technology Select Sector SPDR Fund, 70% of initial level
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Coupon barriers: | 22,566.27 for Dow, 1,214.446 for Russell, $102.17 for Technology Select Sector SPDR Fund, 70% of initial levels
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Pricing date: | March 24, 2023
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Settlement date: | March 29, 2023
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Agent: | BofA Securities, Inc.
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Fees: | 1%
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Cusip: | 09709VM86
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