Published on 7/12/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.71 million 7.5% fixed income issuer callable yield notes on indexes
By William Gullotti
Buffalo, N.Y., July 12 – BofA Finance LLC priced $2.71 million of 7.5% fixed income issuer callable yield notes due July 2, 2024 linked to the performance of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid monthly.
The notes are callable at par plus a fixed coupon on any monthly determination date after six months.
The payout at maturity will be par plus the final coupon unless the worst performing index finishes below its 70% threshold level, in which case investors will be fully exposed to the decline of that index from its initial level.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Fixed income issuer callable yield notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
|
| Amount: | $2,708,000
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| Maturity: | July 2, 2024
|
| Coupon: | 7.5% annualized, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par plus final coupon; otherwise, 1% loss for each 1% decline of worst performer from initial level
|
| Call option: | At par plus the fixed coupon on any monthly determination date after six months
|
| Initial levels: | 14,945.91 for Nasdaq, 1,849.93 for Russell, 4,378.41 for S&P
|
| Downside thresholds: | 10,462.14 for Nasdaq, 1,294.951 for Russell, 3,064.89 for S&P; 70% of initial levels
|
| Pricing date: | June 27
|
| Settlement date: | June 30
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2.2%
|
| Cusip: | 09709VZ66
|
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