Published on 4/17/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $518,000 contingent income buffered autocalls on Nasdaq, Russell
Chicago, April 17 – BofA Finance LLC priced $518,000 of contingent income buffered autocallable yield notes due May 25, 2027 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 monthly coupon at an annual rate of 8.25% if each underlying closes at or above its 85% coupon barrier on the related determination date.
The notes will be called at par if each underlying closes at or above its initial level on any monthly determination date after one year.
If the least performing underlier’s final level is greater than or equal to its 85% trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least performing underlier declines beyond 15%.
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: | $518,000
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| Maturity: | May 25, 2027
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| Coupon: | 8.25% per year, payable monthly if indexes close at or above coupon barrier levels on observation date for that period
|
| Price: | Par
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| Payout at maturity: | If least performing underlier’s final level is greater than or equal to trigger 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 initial levels on any monthly determination date after one year
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| Initial levels: | 11,835.62 for Nasdaq, 1,773.266 for Russell
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| Coupon barrier levels: | 10,060.28 for Nasdaq, 1,507.276 for Russell; 85% of initial values
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| Trigger levels: | 10,060.28 for Nasdaq, 1,507.276 for Russell; 85% of initial values
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| Pricing date: | May 20, 2022
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| Settlement date: | May 25, 2022
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| Agent: | BofA Securities, Inc.
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| Fees: | 3.65%
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| Cusip: | 09709UW87
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