Published on 3/11/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $537,000 contingent income buffered autocalls on Nasdaq, Russell
By Kiku Steinfeld
Chicago, March 13 – BofA Finance LLC priced $537,000 of contingent income buffered autocallable yield notes due Dec. 4, 2024 linked to the least performing of the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 5.5% if each underlying closes at or above its 75% buffer on the related determination date.
The notes will be called at par if each underlying closes at or above 85% of its initial level on any quarterly determination date after six months.
If the least performing underlier’s final level is greater than or equal to its 75%buffer level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least performing underlier declines beyond 25%.
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 buffered autocallable yield notes
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| Underlying assets: | Nasdaq-100 index, Russell 2000 index
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| Amount: | $537,000
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| Maturity: | Dec. 4, 2024
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| Coupon: | 5.5% per year, payable quarterly if indexes close at or above buffer levels on observation date for that period
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| Price: | Par
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| Payout at maturity: | If least performing underlier’s final level is greater than or equal to buffer level, par; otherwise, 1% loss for every 1% that least performing underlier declines beyond buffer
|
| Call: | Automatically at par if underliers close at or above 85% of its initial levels on any quarterly determination date after six months
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| Initial levels: | 11,587.75 for Nasdaq, 1,830.964 for Russell
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| Coupon barrier levels: | 8,690.81 for Nasdaq, 1,373.223 for Russell; 75% of initial values
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| Buffer levels: | 8,690.81 for Nasdaq, 1,373.223 for Russell; 75% of initial values
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| Pricing date: | Nov. 28, 2022
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| Settlement date: | Nov. 30, 2022
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| Agent: | BofA Securities, Inc.
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| Fees: | 2.75%
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| Cusip: | 09709VAZ9
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