Published on 5/4/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $3.24 million 8.5% contingent income autocallable yield notes on indexes
Chicago, May 4 – BofA Finance LLC priced $3.24 million of contingent income autocallable yield notes due Jan. 28, 2028 linked to the least performing of the Dow Jones industrial average, Nasdaq-100 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.5%, paid monthly, if each underlying index closes at or above its 75% coupon barrier on the related monthly observation date.
The securities may be called automatically starting in April 2024 at par on any quarterly call determination date if each index closes above its starting value.
If the worst performing index gains or ends above its 60% threshold value the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing index declines if it finishes below its threshold value.
The notes are guaranteed by Bank of America Corp.
BofA Securities is the agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Contingent income autocallable yield notes
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Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index and Russell 2000 index
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Amount: | $3,235,000
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Maturity: | Jan. 28, 2028
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Coupon: | 8.5% annual rate, paid monthly, if each underlying index closes at or above its 75% coupon barrier on the related monthly observation date
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Price: | Par
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Payout at maturity: | If worst performing index finishes at or above its 60% threshold value, par; 1% loss for every 1% that worst performing index declines if it finishes below its threshold value
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Call: | Automatically starting in April 2024 at par on any quarterly call determination date if each index closes above initial level
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Initial levels: | 33,530.83 for Dow, 12,725.11 for Nasdaq, 1,745.952 for Russell
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Downside thresholds: | 20,118.50 for Dow, 7,635.07 for Nasdaq, 1,047.571 for Russell, 60% of initial levels
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Coupon barriers: | 25,148.12 for Dow, 9,543.83 for Nasdaq, 1,309.464 for Russell, 75% of initial levels
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Pricing date: | April 25
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Settlement date: | April 28
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Agent: | BofA Securities
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Fees: | 3.65%
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Cusip: | 09709VQ66
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