Published on 5/26/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $240,000 8.85% contingent income issuer callable yield notes on three indexes
By Kiku Steinfeld
Chicago, May 26 – BofA Finance LLC priced $240,000 of contingent income issuer callable yield notes due Jan. 24, 2025 linked to the MSCI Emerging Markets index, Nasdaq-100 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.85%, paid quarterly, if each underlying index closes at or above its 60% coupon barrier on the related quarterly observation date.
The securities may be called starting July 25, 2023 at par on any quarterly call determination date.
If the worst performing index gains or ends above its 60% 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 issuer callable yield notes
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Underlying indexes: | MSCI Emerging Markets index, Nasdaq-100 index and Russell 2000 index
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Amount: | $240,000
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Maturity: | Jan. 24, 2025
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Coupon: | 8.85%, paid quarterly, if each underlying index closes at or above its 60% coupon barrier on the related quarterly observation date
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Price: | Par
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Payout at maturity: | If worst performing index finishes at or above its 60% 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: | Starting July 25, 2023 at par on any quarterly call determination date
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Initial levels: | 1,036.24 for MSCI, 11,619.03 for Nasdaq, 1,867.336 for Russell
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Downside thresholds: | 621.74 for MSCI, 6,971.42 for Nasdaq, 1,120.402 for Russell, 60% of initial level
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Coupon barriers: | 621.74 for MSCI, 6,971.42 for Nasdaq, 1,120.402 for Russell, 60% of initial levels
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Pricing date: | Jan. 20, 2023
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Settlement date: | Jan. 25, 2023
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Agent: | BofA Securities, Inc.
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Fees: | 1.75%
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Cusip: | 09709VF76
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