Published on 5/11/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $15.53 million contingent income autocallable yield notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, May 11 – BofA Finance LLC priced $15.53 million of contingent income autocallable yield notes due May 9, 2025 linked to the worst performing of the Dow Jones industrial average, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11% if each underlying index closes at or above its 75% 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 quarterly determination date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its 75% 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 indexes: | Dow Jones industrial average, Nasdaq-100 index, S&P 500 index
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| Amount: | $15,525,000
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| Maturity: | May 9, 2025
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| Coupon: | 11% annualized, payable quarterly 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 each index finishes at or above coupon barrier, par plus final coupon; otherwise, 1% loss for each 1% decline of worst performing index from its initial level
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| Call: | At par plus coupon if each index closes above its initial level on any quarterly determination date after six months
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| Initial levels: | 13,535.71 for Nasdaq, 34,061.06 for Dow, 4,300.17 for S&P
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| Coupon barriers: | 10,151.78 for Nasdaq, 25,545.8 for Dow, 3,225.13 for S&P; 75% of initial levels
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| Downside thresholds: | 10,151.78 for Nasdaq, 25,545.8 for Dow, 3,225.13 for S&P; 75% of initial levels
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| Pricing date: | May 6
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| Settlement date: | May 11
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 2%
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| Cusip: | 09709UW46
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