Published on 4/2/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $4.91 million autocallable notes tied to Russell, S&P
By William Gullotti
Buffalo, N.Y., April 2 – BofA Finance LLC priced $4.91 million of autocallable notes due March 29, 2029 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 9% per year if each index closes at or above its initial level on any annual valuation date.
The payout at maturity will be par plus 45% if each index finishes at or above its initial level.
If the least performing index declines but finishes at or above its 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.
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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: | $4,909,000
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| Maturity: | March 29, 2029
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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 45%; if the least performing index finishes below initial level but at or above threshold level, par; otherwise, lose 1% for each 1% decline of least performing index from its initial level
|
| Call: | Automatically plus 9% per year if each index closes at or above its initial level on any annual valuation date
|
| Initial levels: | 5,203.58 for S&P, 2,070.163 for Russell
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| Threshold levels: | 3,642.51 for S&P, 1,449.114 for Russell; 70% of initial levels
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| Pricing date: | March 26
|
| Settlement date: | April 1
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 2.5%
|
| Cusip: | 09711B4S2
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