Published on 2/23/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $784,000 autocallable notes with buffered downside on indexes, fund
Chicago, Feb. 23 – BofA Finance LLC priced $784,000 of 0% market-linked securities – autocallable with fixed-percentage buffered downside due Jan. 21, 2028 linked to the lowest performing of the Russell 2000 index, Nasdaq-100 index and Financial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Starting after one year, the notes will be called at par plus an annualized 11.75% call premium if all three assets close above their starting values on any quarterly call date.
The final call premium is 47%.
If the notes have not been called and all three assets close above the 90% threshold, the payout will be par.
Otherwise, investors will have a 1% loss for each 1% decline beyond the 10% buffer.
The notes are guaranteed by Bank of America Corp.
Wells Fargo Securities and BofA Securities, Inc. are the agents.
Issuer: | BofA Finance LLC
|
Guarantor: | Bank of America Corp.
|
Issue: | Market-linked securities – autocallable with fixed-percentage buffered downside
|
Underlying assets: | Russell 2000 index, Nasdaq-100 index and Financial Select Sector SPDR Fund
|
Amount: | $784,000
|
Maturity: | Jan. 21, 2028
|
Coupon: | 0%
|
Price: | Par
|
Payout at maturity: | Par plus 47% if notes are called; if not called and worst performer finishes above threshold, par; otherwise, 1% loss for each 1% decline beyond 10% buffer
|
Call: | Automatically at par plus 11.75% call premium starting after one year if all three assets close above initial levels on any quarterly call date
|
Initial levels: | 1,927.304 for Russell, 16,830.71 for Nasdaq, $37.34 for fund
|
Threshold levels: | 1,734.5736 for Russell, 15,147.639 for Nasdaq, $33.606 for fund, 90% of initial level
|
Pricing date: | Jan. 16
|
Settlement date: | Jan. 19
|
Agent: | BofA Securities, Inc.
|
Fees: | 2.575%
|
Cusip: | 09710PMG8
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.