Published on 6/8/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1 million 7.9% fixed income yield notes linked to Russell, Kellogg
By Wendy Van Sickle
Columbus, Ohio, June 8 – BofA Finance LLC priced $1 million of 7.9% fixed income yield notes due Dec. 4, 2025 linked to the worst performing of the Russell 2000 index and the common stock of Kellogg Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless any asset finishes below its 55% threshold level, in which case investors will be fully exposed to any losses of the worst performing asset.
The notes are guaranteed by Bank of America Corp.
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: | Fixed income yield notes
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Underlying assets: | Russell 2000 index, Kellogg Co.
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Amount: | $1,002,000
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Maturity: | Dec. 4, 2025
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Coupon: | 7.9% annualized, payable monthly
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Price: | Par
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Payout at maturity: | If each asset finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing asset
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Initial levels: | $66.77 for Kellogg, 1,749.65 for Russell
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Downside thresholds: | $36.72 for Kellogg, 962.308 for Russell; 55% of initial levels
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Pricing date: | June 1
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Settlement date: | June 6
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Selling agent: | BofA Securities, Inc.
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Fees: | 0.5%
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Cusip: | 09711A3J5
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