Published on 11/7/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $5.3 million autocallable notes tied to Russell, S&P
By William Gullotti
Buffalo, N.Y., Nov. 7 – BofA Finance LLC priced $5.3 million of autocallable notes due Nov. 2, 2028 linked to the performance of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will be called at par plus 10% per year if each index closes at or above its initial level on any annual call valuation date.
The payout at maturity will be par plus 50% if each index finishes at or above its initial level.
If any index finishes below its initial level but each finish at or above threshold level, 70% of its initial level, the payout will be par.
Otherwise, investors will be fully exposed to the decline of the least performing index from its initial level.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Autocallable notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $5,299,000
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| Maturity: | Nov. 2, 2028
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above its initial level, par plus 50%; if the least performing index finishes below initial level but at or above threshold level, par; otherwise, investors will be fully exposed to the decline of the least performing index from its initial level
|
| Call: | Automatically at par plus 10% per year if each index closes at or above its initial level on any annual call valuation date
|
| Initial levels: | 4,166.82 for S&P, 1,647.29 for Russell
|
| Threshold levels: | 2,916.77 for S&P, 1,153.103 for Russell; 70% of initial levels
|
| Pricing date: | Oct. 30
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| Settlement date: | Nov. 2
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 2.5%
|
| Cusip: | 09711AT99
|
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