Published on 7/14/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.5 million 13% contingent income issuer callable yield notes on indexes, ETF
Chicago, July 14 – BofA Finance LLC priced $1.5 million of contingent income issuer callable yield notes due July 15, 2025 linked to the least performing of the Nasdaq-100 index, Russell 2000 index and SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 13%, paid monthly, if each underlier closes at or above its 60% coupon barrier on the related monthly observation date.
The securities may be called at par starting on Jan. 16, 2024 on any quarterly call date.
If the worst performing asset 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 asset 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 assets: | Nasdaq-100 index, Russell 2000 index and SPDR S&P Regional Banking ETF
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Amount: | $1,498,000
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Maturity: | July 15, 2025
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Coupon: | 13% annual rate, paid monthly, if each underlier closes at or above its 60% coupon barrier on the related monthly observation date
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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; 1% loss for every 1% that worst performing asset declines if it finishes below its threshold value
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Call: | Starting on Jan. 16, 2024 at par on any quarterly call date
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Initial levels: | 15,045.64 for Nasdaq, 1,895.252 for Russell, $41.80 for ETF
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Downside thresholds: | 9,027.38 for Nasdaq, 1,137.151 for Russell, $25.08 for ETF, 60% of initial levels
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Coupon barriers: | 9,027.38 for Nasdaq, 1,137.151 for Russell, $25.08 for ETF, 60% of initial levels
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Pricing date: | July 10
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Settlement date: | July 13
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Agent: | BofA Securities, Inc.
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Fees: | 0.85%
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Cusip: | 09711AAA6
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