Published on 9/24/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $809,000 contingent income autocallable yield notes on Russell, S&P, Dow
By Kiku Steinfeld
Chicago, Sept. 26 – BofA Finance LLC priced $809,000 of contingent income autocallable yield notes due Feb. 5, 2025 linked to the worst performing of the Russell 2000 index, the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8% if each underlying index closes at or above its 70% coupon barrier on the relevant observation date.
The notes will be called at par plus coupon if each index closes above its initial level on any monthly determination date after six months.
The payout at maturity will be par if the worst performer finishes above its 70% threshold level. Otherwise, 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 selling 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: | Russell 2000 index, Dow Jones industrial average, S&P 500
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| Amount: | $809,000
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| Maturity: | Feb. 5, 2025
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| Coupon: | 8% annualized, payable monthly if each index closes at or above its coupon barrier on the corresponding observation date
|
| Price: | Par
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| Payout at maturity: | If worst performer finishes above downside threshold level, par; otherwise, 1% loss for each 1% decline of worst performing index from its initial level
|
| Call: | At par plus coupon if each index closes above its initial level on any monthly determination date after six months
|
| Initial levels: | 35,131.86 for Dow, 2,028.453 for Russell, 4,515.55 for S&P
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| Coupon barriers: | 24,592.30 for Dow, 1,419.917 for Russell, 3,160.89 for S&P; 70% of initial levels
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| Downside thresholds: | 24,592.30 for Dow, 1,419.917 for Russell, 3,160.89 for S&P; 70% of initial levels
|
| Pricing date: | Jan. 31
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| Settlement date: | Feb. 3
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 0%
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| Cusip: | 09709UZL5
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