Published on 1/24/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $350,000 8.1% contingent income autocallable yield notes on index, ETFs
By Kiku Steinfeld
Chicago, Jan. 24 – BofA Finance LLC priced $350,000 of contingent income autocallable yield notes due May 1, 2025 linked to the iShares Silver Trust, S&P 500 index and SPDR Gold Shares, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.1%, paid quarterly, if each underlier closes at or above its 70% coupon barrier on the related quarterly observation date.
The securities may be called automatically starting in October 2023 at par if the level of each underlier is greater than or equal to its initial price on a quarterly observation date.
If the worst performing asset gains or ends above its 60% 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.
|
Issue: | Contingent income autocallable yield notes
|
Underlying assets: | iShares Silver Trust, S&P 500 index and SPDR Gold Shares
|
Amount: | $350,000
|
Maturity: | May 1, 2025
|
Coupon: | 8.1%, paid quarterly, if each underlier closes at or above its 70% coupon barrier on the related quarterly observation date
|
Price: | Par
|
Payout at maturity: | If worst performing asset finishes at or above its 60% threshold value, par; 1% loss for every 1% that worst performing asset declines if it finishes below its threshold value
|
Call: | Automatically starting in October 2023 at par if the level of each underlier is greater than or equal to its initial price on a quarterly observation date
|
Initial levels: | 4,055.99 for S&P 500, $184.74 for SPDR Gold Shares, $22.83 for iShares Silver Trust
|
Downside thresholds: | 2,433.59 for S&P 500, $110.84 for SPDR Gold Shares, $13.70 for iShares Silver Trust, 60% of initial level
|
Coupon barriers: | 2,839.19 for S&P 500, $129.32 for SPDR Gold Shares, $15.98 for iShares Silver Trust, 70% of initial levels
|
Pricing date: | April 26, 2023
|
Settlement date: | May 1, 2023
|
Agent: | BofA Securities, Inc.
|
Fees: | 2.75%
|
Cusip: | 09709VTS5
|
|
© 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.