Published on 7/14/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.28 million contingent income issuer callable yield notes on ETFs, index
Chicago, July 14 – BofA Finance LLC priced $1.28 million of contingent income issuer callable yield notes due July 15, 2026 linked to the least performing of the Financial Select Sector SPDR Fund, iShares MSCI Emerging Markets ETF and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10%, paid quarterly, if each underlier closes at or above its 65% coupon barrier on the related quarterly observation date.
The securities may be called at par starting Jan. 16, 2024 on any quarterly call date.
If the worst performing asset gains or ends above its 65% 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
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income issuer callable yield notes
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| Underlying assets: | Financial Select Sector SPDR Fund, iShares MSCI Emerging Markets ETF and Russell 2000 index
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| Amount: | $1,281,000
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| Maturity: | July 15, 2026
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| Coupon: | 10% annual rate, paid quarterly, if each underlier closes at or above its 65% coupon barrier on the related quarterly observation date
|
| Price: | Par
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| Payout at maturity: | If worst performing asset finishes at or above its 65% threshold value, par; 1% loss for every 1% that worst performing asset declines if it finishes below its threshold value
|
| Call: | At par starting Jan. 16, 2024 on any quarterly call date
|
| Initial levels: | $33.74 for Financial, 1,895.252 for Russell, $39.42 for EM ETF
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| Downside thresholds: | $21.93 for Financial, 1,231.914 for Russell, $25.62 for EM ETF, 65% of initial levels
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| Coupon barriers: | $21.93 for Financial, 1,231.914 for Russell, $25.62 for EM ETF, 65% of initial levels
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| Pricing date: | July 10
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| Settlement date: | July 13
|
| Agent: | BofA Securities, Inc.
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| Fees: | 1.75%
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| Cusip: | 09711ABH0
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