Published on 3/21/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $13.2 million of trigger autocallable contingent yield notes on Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, March 21 – BofA Finance LLC priced $13.2 million of trigger autocallable contingent yield notes due March 19, 2026 linked to the performance of the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if each index closes at or above its coupon barrier, 70% of its initial level, on the relevant observation date.
The notes will be called at par of $10 plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par plus the final coupon if each index finishes at or above its coupon barrier level.
Otherwise, investors will lose 1% for every 1% loss of the worst performer from its initial level.
UBS Financial Services Inc. and BofA Securities, Inc. are the agents.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index,
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| Amount: | $4,800,420
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| Maturity: | March 19, 2026
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| Coupon: | 10% annual rate, payable quarterly if each index closes at or above coupon barrier on quarterly observation date
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| Price: | Par of $10
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| Payout at maturity: | Par plus the final coupon if each index finishes at or above coupon barrier level; otherwise, 1% loss for each 1% decline of worse performing index
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| Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date
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| Initial index levels: | 12,199.79 for Nasdaq, 1,776.893 for Russell
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| Coupon barrier levels: | 8,539.85 for Nasdaq, 1,243.82 for Russell; 70% of initial levels
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| Downside thresholds: | 8,539.85 for Nasdaq, 1,243.82 for Russell; 70% of initial levels
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| Pricing date: | March 15
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| Settlement date: | March 20
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| Agents: | UBS Financial Services Inc. and BofA Securities, Inc.
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| Fees: | 2%
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| Cusip: | 09710K362
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