Published on 7/28/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $3 million contingent market-linked autocalls on two indexes
By Wendy Van Sickle
Columbus, Ohio, July 28 – BofA Finance LLC priced $3 million of 0% market-linked securities – autocallable with contingent downside due July 27, 2026 linked to the performance of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 12.1% annual premium if each index closes at or above its start level on any annual call observation date.
The payout at maturity will be par plus the final interest payment if each index finishes at or above 65% downside threshold. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
BofA Securities, Inc. and Wells Fargo Securities, LLC are the agents.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Market linked securities – autocallable with contingent downside
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| Underlying indexes: | S&P 500 index, Russell 2000 index
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| Amount: | $3 million
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| Maturity: | July 27, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If notes are not called, par if each index finishes at or above downside threshold; otherwise, 1% loss for every 1% decline of worst performer from its initial level
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| Call: | At par plus 12.1% annual premium if each index closes at or above its start level on any annual call observation date
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| Initial levels: | 4,536.34 for S&P, 1,960.255 for Russell
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| Downside thresholds: | 2,948.621 for S&P, 1,274.16575 for Russell; 65% of initial levels
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| Pricing date: | July 21
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| Settlement date: | July 26
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| Agents: | BofA Securities, Inc. and Wells Fargo Securities, LLC
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| Fees: | 1.325%
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| Cusip: | 09711ACJ5
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