Published on 5/2/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $10.04 million 8.75% contingent income autocallable yield notes on indexes
New York, May 2 – BofA Finance LLC priced $10.04 million of contingent income autocallable yield notes due April 30, 2026 linked to the Dow Jones industrial average, Nasdaq-100 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.75%, 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 starting in October 2023 at par if the level of each underlier is greater than or equal to its initial level on any determination date.
If the worst performing index gains or ends above its 70% threshold value the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing index declines if it finishes below its threshold value.
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: | Dow Jones industrial average, Nasdaq-100 index and Russell 2000 index
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| Amount: | $10,041,000
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| Maturity: | April 30, 2026
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| Coupon: | 8.75%, 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 worst performing index finishes at or above its 70% threshold value, par; 1% loss for every 1% that worst performing index declines if it finishes below its threshold value
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| Call: | Automatically starting in October 2023 at par if the level of each underlier is greater than or equal to its initial price on any determination date
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| Initial levels: | 33,530.83 for Dow Jones Industrial Average, 12,725.11 for Nasdaq-100 Index, 1,745.952 for Russell 2000 Index
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| Downside thresholds: | 23,471.58 for Dow Jones Industrial Average, 8,907.58 for Nasdaq-100 Index, 1,222.166 for Russell 2000 Index, 70% of initial level
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| Coupon barriers: | 23,471.58 for Dow Jones Industrial Average, 8,907.58 for Nasdaq-100 Index, 1,222.166 for Russell 2000 Index, 70% of initial levels
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| Pricing date: | April 25
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| Settlement date: | April 28
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| Agent: | BofA Securities
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| Fees: | 2.85%
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| Cusip: | 09709VQ41
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