Published on 4/20/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.52 million 10% contingent income autocallable yield notes on indexes
New York, April 20 – BofA Finance LLC priced $1.52 million of contingent income autocallable yield notes due May 3, 2024 linked to the Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called automatically at par if the level of each underlier is greater than or equal to its initial price and on any subsequent determination date.
If none of the indexes closes below the 70% threshold value during the life of the notes the payout at maturity will be par plus the contingent coupon. Otherwise investors will lose 1% for every 1% that the worst performing index declines.
The notes are guaranteed by Bank of America Corp.
BofA Securities is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $1,516,000
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| Maturity: | May 3, 2024
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| Coupon: | 10%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | If none of the indexes close below the 70% threshold value during the life of the notes, par; otherwise 1% loss for every 1% that worst performing index declines
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| Call: | Automatically at par if the level of each underlier is greater than or equal to its initial price and on any subsequent determination date
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| Initial levels: | 1,802.484 for Russell 2000 Index, 4,109.31 for S&P 500 Index
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| Downside thresholds: | 1,261.739 for Russell 2000 Index, 2,876.52 for S&P 500 Index, 70% of initial level
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| Coupon barriers: | 1,261.739 for Russell 2000 Index, 2,876.52 for S&P 500 Index, 70% of initial levels
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| Pricing date: | March 31
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| Settlement date: | April 5
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| Agent: | BofA Securities
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| Fees: | 0.5%
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| Cusip: | 09709VJH0
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