Published on 3/22/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $554,000 11.6% fixed income autocallable yield notes on indexes
By Kiku Steinfeld
Chicago, March 22 – BofA Finance LLC priced $554,000 of fixed income autocallable yield notes due July 5, 2024 linked to the Nasdaq-100 index, Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.6%, paid monthly.
The securities may be called automatically starting Jan. 2, 2024 if the level of each underlier is greater than or equal to its initial level on any monthly call date.
If none of the indexes closes below the 70% threshold value during the life of the notes the payout at maturity will be par plus the contingent coupon. Otherwise investors will lose 1% for every 1% that the worst performing index declines.
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: | Fixed income autocallable yield notes
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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Amount: | $554,000
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Maturity: | July 5, 2024
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Coupon: | 11.6%, paid monthly
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Price: | Par
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Payout at maturity: | If none of the indexes close below the 70% threshold value during the life of the notes, par; otherwise 1% loss for every 1% that worst performing index declines
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Call: | Automatically starting Jan. 2, 2024 if the level of each underlier is greater than or equal to its initial level on any monthly call date
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Initial levels: | 15,179.21 for Nasdaq-100, 1,888.734 for Russell 2000, 4,450.38 for S&P 500
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Downside thresholds: | 10,625.45 for Nasdaq-100, 1,322.114 for Russell 2000, 3,115.27 for S&P 500, 70% of initial level
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Pricing date: | June 30, 2023
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Settlement date: | July 6, 2023
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Agent: | BofA Securities, Inc.
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Fees: | 0.25%
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Cusip: | 09711A3T3
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