Published on 5/1/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $5.29 million autocallable notes on Russell, S&P, Dow
By Wendy Van Sickle
Columbus, Ohio, May 1 – BofA Finance LLC priced $5.29 million of autocallable notes due April 26, 2028 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will be called at par plus 11% per year if each index closes at or above its 90% call level on any quarterly call valuation date after one year.
The payout at maturity will be par plus 55% if each index finishes at or above its call level.
If any index finishes below its call level but each finish at or above its threshold level, 75% of its initial level, the payout will be par.
Otherwise, investors will be fully exposed to the decline of the least performing index from its initial level.
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: | Autocallable notes
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| Underlying indexes: | Dow Jones industrial average, Russell 2000 index, S&P 500 index
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| Amount: | $5,289,000
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| Maturity: | April 26, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at above its call level, par plus 55%; if the least performing index finishes below call level but at or above threshold level, par; otherwise, investors will be fully exposed to the decline of the least performing index from its initial level
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| Call: | Automatically at par plus 11% per year if each index closes at or above its call level on any quarterly call valuation date after one year
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| Initial levels: | 4,133.52 for S&P, 33,808.96 for Dow, 1,791.506 for Russell
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| Call levels: | 3,720.17 for S&P, 30,428.06 for Dow, 1,612.355 for Russell; 90% of initial levels
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| Threshold levels: | 3,100.14 for S&P, 25,356.72 for Dow, 1,343.63 for Russell; 75% of initial levels
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| Pricing date: | April 21
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| Settlement date: | April 26
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 0%
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| Cusip: | 09709VRD0
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