Published on 9/6/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $6.58 million contingent income autocallable yield notes on two indexes, ETF
New York, Sept. 6 – BofA Finance LLC priced $6.58 million of contingent income autocallable yield notes due Sept. 5, 2025 linked to the Russell 2000 index, the S&P 500 index and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.8%, paid quarterly, if each underlier closes at or above its 65% coupon barrier on the related quarterly observation date, plus any previously unpaid coupons.
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 quarterly observation date starting in March 2024.
If the worst performing asset finishes at or above its 65% threshold value, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will lose 1% for every 1% that the worst performing asset 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 assets: | Russell 2000 index, S&P 500 index and SPDR S&P Regional Banking ETF
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| Amount: | $6,582,000
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| Maturity: | Sept. 5, 2025
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| Coupon: | 11.8%, paid quarterly, if each underlier closes at or above its 65% coupon barrier on the related quarterly observation date, plus any previously unpaid coupons
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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; otherwise, 1% loss for every 1% that worst performing asset 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 quarterly observation date starting in March 2024
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| Initial levels: | 1,903.213 for Russell 2000 Index, 4,514.87 for S&P 500 Index, $44.35 for SPDR S&P Regional Banking ETF
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| Downside thresholds: | 1,237.088 for Russell 2000 Index, 2,934.67 for S&P 500 Index, $28.83 for SPDR S&P Regional Banking ETF, 65% of initial level
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| Coupon barriers: | 1,237.088 for Russell 2000 Index, 2,934.67 for S&P 500 Index, $28.83 for SPDR S&P Regional Banking ETF, 65% of initial levels
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| Pricing date: | Aug. 30
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| Settlement date: | Sept. 5
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| Agent: | BofA Securities, Inc.
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| Fees: | 1.75%
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| Cusip: | 09711AL63
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