Published on 5/5/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.25 million 8% contingent income autocallable yield notes on indexes
Chicago, May 5 – BofA Finance LLC priced $1.25 million of contingent income autocallable yield notes due April 28, 2028 linked to the least performing of the Nasdaq-100 index, 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 8%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date.
The securities will be called automatically at par starting in October 2023 on any quarterly call determination date if all three indexes close above their starting values.
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, Inc. 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: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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Amount: | $1,252,000
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Maturity: | April 28, 2028
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Coupon: | 8% annual rate, 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 on any quarterly call determination date if all three indexes close above initial levels
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Initial levels: | 12,725.11 for Nasdaq, 1,745.952 for Russell, 4,071.63 for S&P
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Downside thresholds: | 8,907.58 for Nasdaq, 1,222.166 for Russell, 2,850.14 for S&P, 70% of initial levels
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Coupon barriers: | 8,907.58 for Nasdaq, 1,222.166 for Russell, 2,850.14 for S&P, 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, Inc.
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Fees: | 3%
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Cusip: | 09709VRA6
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