Published on 7/21/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $460,000 10.1% contingent income issuer callable yield notes on indexes
By Kiku Steinfeld
Chicago, July 21 – BofA Finance LLC priced $460,000 of contingent income issuer callable yield notes due Feb. 23, 2028 linked to the iShares MSCI EAFE ETF, 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 10.1%, paid quarterly, if each underlier closes at or above its 70% coupon barrier on the related quarterly observation date.
The securities may be called starting Aug. 22, 2023 on any quarterly call date.
If the worst performing asset gains or ends above its 65% 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: | iShares MSCI EAFE ETF, Russell 2000 index and S&P 500 index
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| Amount: | $460,000
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| Maturity: | Feb. 23, 2028
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| Coupon: | 10.1%, paid quarterly, if each underlier closes at or above its 70% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | If worst performing asset finishes at or above its 65% 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 Aug. 22, 2023 on any quarterly call date
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| Initial levels: | 1,946.356 for Russell, 4,079.09 for S&P, $71.02 for iShares MSCI EAFE ETF
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| Downside thresholds: | 1,265.131 for Russell, 2,651.41 for S&P, $46.16 for iShares MSCI EAFE ETF, 65% of initial level
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| Coupon barriers: | 1,362.449 for Russell, 2,855.36 for S&P, $49.71 for iShares MSCI EAFE ETF, 70% of initial levels
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| Pricing date: | Feb. 17, 2023
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| Settlement date: | Feb. 23, 2023
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| Agent: | BofA Securities, Inc.
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| Fees: | 1%
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| Cusip: | 09709VHU3
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