Published on 10/16/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $427,000 11.25% contingent income callable yield notes on indexes, ETF
By Kiku Steinfeld
Chicago, Oct. 16 – BofA Finance LLC priced $427,000 of contingent income issuer callable yield notes due Oct. 3, 2024 linked to the Energy Select Sector SPDR Fund, Nasdaq-100 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.25%, paid monthly, if each underlier closes at or above its 65% coupon barrier on the related monthly observation date.
The securities may be called starting July 3, 2023 on any monthly call date.
If the worst performing asset gains or ends above its 55% 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: | Energy Select Sector SPDR Fund, Nasdaq-100 index and Russell 2000 index
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Amount: | $427,000
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Maturity: | Oct. 3, 2024
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Coupon: | 11.25%, paid monthly, if each underlier closes at or above its 65% 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 55% 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 July 3, 2023 on any monthly call date
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Initial levels: | $80.78 for Energy, 12,610.57 for Nasdaq, 1,752.632 for Russell
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Downside thresholds: | $44.43 for Energy, 6,935.81 for Nasdaq, 963.948 for Russell, 55% of initial level
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Coupon barriers: | $52.51 for Energy, 8,196.87 for Nasdaq, 1,139.211 for Russell, 65% of initial levels
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Pricing date: | March 28, 2023
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Settlement date: | March 31, 2023
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Agent: | BofA Securities, Inc.
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Fees: | 2.2%
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Cusip: | 09709VNG7
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