Published on 7/16/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $4.8 million 13.5% contingent income autocallable yield notes on indexes, ETF
Chicago, July 16 – BofA Finance LLC priced $4.8 million of contingent income autocallable yield notes due July 16, 2026 linked to the least performing of the Nasdaq-100 index, S&P 500 index and SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 13.5%, paid quarterly, if each underlier closes at or above its 75% coupon barrier on the related quarterly observation date.
The securities may be called automatically starting in January 2024 at par if the level of each underlier is greater than or equal to its initial price and on any subsequent quarterly observation date.
If the worst performing asset gains or ends above its 75% 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 autocallable yield notes
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Underlying assets: | Nasdaq-100 index, S&P 500 index and SPDR S&P Biotech ETF
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Amount: | $4.8 million
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Maturity: | July 16, 2026
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Coupon: | 13.5% annual rate, paid quarterly, if each underlier closes at or above its 75% coupon barrier on the related quarterly observation date
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Price: | Par
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Payout at maturity: | If worst performing asset finishes at or above its 75% 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: | Automatically starting in January 2024 at par if the level of each underlier is greater than or equal to its initial price and on any subsequent quarterly observation date
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Initial levels: | 15,119.06 for Nasdaq, 4,439.26 for S&P, $83.83 for Biotech ETF
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Downside thresholds: | 11,339.30 for Nasdaq, 3,329.45 for S&P, $62.87 for Biotech ETF, 75% of initial levels
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Coupon barriers: | 11,339.30 for Nasdaq, 3,329.45 for S&P, $62.87 for Biotech ETF, 75% of initial levels
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Pricing date: | July 11
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Settlement date: | July 13
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Agent: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 09711ABU1
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