Published on 7/1/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $500,000 10% contingent income issuer callable yield notes on indexes
By Kiku Steinfeld
Chicago, July 3 – BofA Finance LLC priced $500,000 of contingent income issuer callable yield notes due Feb. 10, 2028 linked to the Dow Jones industrial average, 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 10%, paid monthly, if each underlying index closes at or above its 66% coupon barrier level on the related monthly observation date.
The securities may be called starting Aug. 10, 2023 at par on any monthly call date.
If the worst performing index gains or ends above its 60% threshold level, the payout at maturity will be par. 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: | Dow Jones industrial average, Russell 2000 index and S&P 500 index
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| Amount: | $500,000
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| Maturity: | Feb. 10, 2028
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| Coupon: | 10%, paid monthly, if each underlying index closes at or above its 66% coupon barrier level 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 60% threshold level, par; 1% loss for every 1% that worst performing index declines if it finishes below its threshold level
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| Call option: | Starting Aug. 10, 2023 at par on any monthly call date
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| Initial levels: | 34,156.69 for Dow, 1,972.609 for Russell, 4,164.00 for S&P
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| Downside threshold levels: | 22,543.42 for Dow, 1,301.922 for Russell, 2,748.24 for S&P, 66% of initial levels
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| Coupon barrier levels: | 20,494.01 for Dow, 1,183.565 for Russell, 2,498.40 for S&P, 60% of initial levels
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| Pricing date: | Feb. 7, 2023
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| Settlement date: | Feb. 10, 2023
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.3%
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| Cusip: | 09709VGQ3
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