By William Gullotti
Buffalo, N.Y., Nov. 24 – BofA Finance LLC priced $1.53 million of contingent income issuer callable yield notes due Nov. 22, 2024 linked to the performance of the Financial Select Sector SPDR Fund and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.65% if each underlying ETF closes at or above its 70% coupon barrier on the observation date for that period.
The notes are callable at par plus any coupon otherwise due on any quarterly determination date after six months.
The payout at maturity will be par plus the final coupon unless any ETF finishes below its 70% downside threshold level, in which case investors will be fully exposed to the decline of the worst performing ETF from its initial level.
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 issuer callable yield notes
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Underlying funds: | Financial Select Sector SPDR Fund, SPDR S&P Regional Banking ETF
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Amount: | $1,525,000
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Maturity: | Nov. 22, 2024
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Coupon: | 7.65% annualized rate, payable quarterly if each ETF closes at or above its coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | If each ETF finishes at or above downside threshold, par plus final coupon; otherwise, 1% loss for each 1% decline of worst performing ETF from initial level
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Call option: | At par any coupon otherwise due on any quarterly determination date after six months
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Initial levels: | $39.02 for Financial, $73.48 for Banking
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Coupon barriers: | $27.31 for Financial, $51.44 for Banking; 70% of initial levels
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Downside thresholds: | $27.31 for Financial, $51.44 for Banking; 70% of initial levels
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Pricing date: | Nov. 19
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Settlement date: | Nov. 24
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Selling agent: | BofA Securities, Inc.
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Fees: | 1.5%
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Cusip: | 09709UVX3
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