Published on 1/10/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.66 million contingent income issuer callable yield notes on indexes, ETF
By Emma Trincal
New York, Jan. 10 – BofA Finance LLC priced $1.66 million of contingent income issuer callable yield notes due Jan. 8, 2026 linked to the least performing of the Nasdaq-100 index, the Russell 2000 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 12% per annum, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called at par on any quarterly call date starting July 10, 2024.
If the worst performing asset finishes at or above its 60% threshold value, the payout at maturity will be par. 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 issuer callable yield notes
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Underlying assets: | Nasdaq-100 index, Russell 2000 index and SPDR S&P Regional Banking ETF
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Amount: | $1,657,000
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Maturity: | Jan. 8, 2026
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Coupon: | 12%, paid monthly, if each underlier 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: | If worst performing asset finishes at or above its 60% threshold value, par; otherwise, 1% loss for every 1% that worst performing asset declines from initial level
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Call option: | At par on any quarterly call date starting July 10, 2024
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Initial levels: | 16,305.98 for Nasdaq, 1,951.142 for Russell 2000, $51.73 for SPDR S&P Regional Banking ETF
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Coupon barriers: | 11,414.19, for Nasdaq, 1,365.799 for Russell 2000, $36.21 for SPDR S&P Regional Banking ETF; 70% of initial levels
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Downside thresholds: | 9,783.59 for Nasdaq, 1,170.685 for Russell 2000, $31.04 for SPDR S&P Regional Banking ETF; 60% of initial levels
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Pricing date: | Jan. 5
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Settlement date: | Jan. 9
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Agent: | BofA Securities, Inc.
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Fees: | 2.75%
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Cusip: | 09710PLC8
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