Published on 1/31/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $10.57 million contingent income callable securities on three indexes
By Wendy Van Sickle
Columbus, Ohio, Jan. 31 – BofA Finance LLC priced $10.57 million of contingent income issuer callable yield notes due Jan. 31, 2024 linked to the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.5%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the observation date.
The securities may be called at par on any monthly call valuation date starting May 1.
If the worst performing index finishes above its 70% downside threshold the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the worst performing index declines from its initial level.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the 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 and Nasdaq-100 index
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| Amount: | $10,573,000
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| Maturity: | Jan. 31, 2024
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| Coupon: | 10.5%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the observation date
|
| Price: | Par
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| Payout at maturity: | If worst performing index finishes at or above its downside threshold level, par; otherwise, 1% loss for every 1% that worst performing index declines from initial level
|
| Call option: | At par on any monthly call valuation date starting May 1
|
| Initial levels: | 12,051.48 for Nasdaq, 1,903.064 for Russell, 4,060.43 for S&P
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| Downside thresholds: | 8,436.04 for Nasdaq, 1,332.145 for Russel, 2,842.3 for S&P, 70% of initial levels
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| Coupon barriers: | 8,436.04 for Nasdaq, 1,332.145 for Russel, 2,842.3 for S&P, 70% of initial levels
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Agent: | BofA Securities, Inc.
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| Fees: | 2.175%
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| Cusip: | 09709VED4
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