Published on 6/1/2022 in the Prospect News Structured Products Daily.
New Issue: BofA prices $4.16 million contingent income callable yield notes on S&P, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, June 1 – BofA Finance LLC priced $4.16 million of contingent income issuer callable yield notes due May 30, 2025 linked to the least performing of the Nasdaq-100 index, the S&P 500 index and the Russell 2000 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 10.15% if each index closes at or above its coupon barrier, 60% of its initial level, on the observation date for that quarter.
The notes are callable at par plus any contingent coupon due on any quarterly call observation date after six months.
The payout at maturity will be par unless any index finishes below its 60% threshold level, in which case 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 issuer callable yield notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
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| Amount: | $4,159,000
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| Maturity: | May 30, 2025
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| Coupon: | 10.15% annual rate, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
|
| Call option: | At par plus any coupon on any quarterly call observation date after six months
|
| Initial levels: | 11,769.84 for Nasdaq, 1,764.826 for Russell, 3,941.48 for S&P
|
| Coupon barriers: | 7,061.9 for Nasdaq, 1,058.896 for Russell, 2,364.89 for S&P; 60% of initial levels
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| Downside thresholds: | 7,061.9 for Nasdaq, 1,058.896 for Russell, 2,364.89 for S&P; 60% of initial levels
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| Pricing date: | May 24
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| Settlement date: | May 27
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 0.25%
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| Cusip: | 09709UX45
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