Published on 11/20/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.8 million autocallable notes on Russell, S&P
By William Gullotti
Buffalo, N.Y., Nov. 20 – BofA Finance LLC priced $1.8 million of autocallable notes due Nov. 19, 2026 linked to the least performing 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 call level on any annual observation date. Call level starts at 100% of initial level and steps down by 5% per year.
The payout at maturity will be par plus 30% if each index finishes at or above its 90% redemption barrier.
If any index finishes below its redemption barrier but each finish at or above its threshold level, 65% of 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
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| Guarantor: | Bank of America Corp.
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| Issue: | Autocallable notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $1.8 million
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| Maturity: | Nov. 19, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at above 90% of its initial level, par plus 30%; if the least performing index finishes below redemption barrier 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
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| Call: | Automatically at par plus 10% per year if each index closes at or above its call level on any annual valuation date; call level starts at 100% of initial level and steps down by 5% per year
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| Initial levels: | 4,502.88 for S&P, 1,801.22 for Russell
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| Redemption barriers: | 4,052.59 for S&P, 1,621.098 for Russell; 90% of initial levels
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| Threshold levels: | 2,926.87 for S&P, 1,170.793 for Russell; 65% of initial levels
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| Pricing date: | Nov. 15
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| Settlement date: | Nov. 20
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 2.25%
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| Cusip: | 09710P5L6
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