Published on 4/24/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $500,000 autocallables linked to Nasdaq, Russell and S&P
By Angela McDaniels
Tacoma, Wash., April 24 – BofA Finance LLC priced $500,000 of 0% autocallable notes due June 5, 2025 linked to the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called automatically at par plus 15% per year if each index closes at or above its initial level on a semiannual observation date.
If the final level of the least-performing index is greater than or equal to its initial level, the payout at maturity will be par plus 45%. If the least-performing index declines by up to 30%, the payout will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index declines from its initial level.
The notes are guaranteed by Bank of America Corp.
The agent is BofA Securities, Inc.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | autocallable notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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| Amount: | $500,000
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| Maturity: | June 5, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of least-performing index is greater than or equal to initial level, be par plus 45%; if least-performing index declines by up to 30%, par; otherwise 1% loss for every 1% that least-performing index declines from initial level
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| Call option: | Automatically at par plus 15% per year if each index closes at or above its initial level on a semiannual observation date
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| Initial levels: | 12,642.10 for Nasdaq, 1,864.043 for Russell and 4,132.15 for S&P
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| Threshold levels: | 8,849.47 for Nasdaq, 1,304.83 for Russell and 2,892.51 for S&P, or 70% of initial levels
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| Pricing date: | May 31, 2022
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| Settlement date: | June 3, 2022
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.7%
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| Cusip: | 09709UU55
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