Published on 3/16/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $3.4 million contingent income buffered autocalls on Nasdaq, Russell
Chicago, March 16 – BofA Finance LLC priced $3.4 million of contingent income buffered autocallable yield notes due Jan. 30, 2025 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 5.55% if each underlying index closes at or above its 80% coupon barrier on the related determination date.
The notes will be called at par if each underlying closes at or above 90% 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 80% buffer level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least performing underlier declines beyond 20%.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income buffered autocallable yield notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index
|
| Amount: | $3,397,000
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| Maturity: | Jan. 30, 2025
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| Coupon: | 5.55% per year, payable quarterly if indexes close at or above coupon barrier levels on observation date for that period
|
| Price: | Par
|
| 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 90% of its initial levels on any quarterly determination date after six months
|
| Initial levels: | 12,166.60 for Nasdaq, 1,911.456 for Russell
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| Call levels: | 10,949.94 for Nasdaq, 1,720.31 for Russell; 90% of initial values
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| Coupon barrier levels: | 9,733.28 for Nasdaq, 1,529.165 for Russell; 80% of initial values
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| Buffer levels: | 9,733.28 for Nasdaq, 1,529.165 for Russell; 80% of initial values
|
| Pricing date: | Jan. 27
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| Settlement date: | Jan. 31
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| Agent: | BofA Securities, Inc.
|
| Fees: | 2.65%
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| Cusip: | 09709VFK7
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