Published on 8/16/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $5.96 million contingent income autocallable yield notes on Russell, S&P
New York, Aug. 16 – BofA Finance LLC priced $5.96 million of contingent income autocallable yield notes due Sept. 6, 2024 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.25%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date.
The securities will be called automatically at par if the closing level of each underlier is greater than or equal to its initial level on any monthly determination date starting Jan. 31, 2024.
If the notes have not been called, the payout at maturity will be par unless either index closes below its 70% downside threshold during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from initial level.
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 autocallable yield notes
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $5,959,000
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| Maturity: | Sept. 6, 2024
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| Coupon: | 10.25%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless either index closes below its 70% downside threshold during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from initial level
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| Call: | Automatically at par if the closing level of each underlier is greater than or equal to its initial level on any monthly determination date starting Jan. 31, 2024
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| Initial levels: | 2,003.177 for Russell 2000 Index, 4,588.96 for S&P 500 Index
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| Downside thresholds: | 1,402.224 for Russell 2000 Index, 3,212.27 for S&P 500 Index, 70% of initial levels
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| Coupon barriers: | 1,402.224 for Russell 2000 Index, 3,212.27 for S&P 500 Index, 70% of initial levels
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| Pricing date: | July 31
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| Settlement date: | Aug. 3
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.5%
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| Cusip: | 09711A5Y0
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