Published on 6/29/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.09 million contingent income autocallable yield notes on indexes, ETF
New York, June 29 – BofA Finance LLC priced $2.09 million of contingent income autocallable yield notes due June 26, 2025 linked to the Russell 2000 index, the S&P 500 index and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.25%, paid quarterly, if each underlier closes at or above its 60% coupon barrier on the related quarterly observation date, plus any previously unpaid coupons.
The securities may be called automatically at par if the closing level of each underlier is greater than or equal to its initial level on any quarterly observation date starting in December 2023.
If the worst performing asset finishes at or above its 60% threshold value, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will lose 1% for every 1% that the worst performing asset declines from initial level.
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 assets: | Russell 2000 index, S&P 500 index and SPDR S&P Regional Banking ETF
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| Amount: | $2,091,000
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| Maturity: | June 26, 2025
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| Coupon: | 11.25%, paid quarterly, if each underlier closes at or above its 60% coupon barrier on the related quarterly observation date, plus any unpaid coupons
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| Price: | Par
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| Payout at maturity: | If worst performing asset finishes at or above its 60% threshold value, par; otherwise, 1% loss for every 1% that worst performing asset declines from initial level
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| Call: | Automatically at par if the closing level of each underlier is greater than or equal to its initial level on any quarterly observation date starting in December 2023
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| Initial levels: | 1,821.635 for Russell 2000 Index, 4,348.33 for S&P 500 Index, $39.58 for SPDR S&P Regional Banking ETF
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| Downside thresholds: | 1,092.981 for Russell 2000 Index, 2,609.00 for S&P 500 Index, $23.75 for SPDR S&P Regional Banking ETF 60% of initial levels
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| Coupon barriers: | 1,092.981 for Russell 2000 Index, 2,609.00 for S&P 500 Index, $23.75 for SPDR S&P Regional Banking ETF, 60% of initial levels
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| Pricing date: | June 23
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| Settlement date: | June 28
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| Agent: | BofA Securities, Inc.
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| Fees: | 1.75%
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| Cusip: | 09711A4V7
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