Published on 4/4/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $9.11 million autocallable jump securities on S&P, Russell
New York, April 4 – BofA Finance LLC priced $9.11 million of jump securities with autocallable feature due April 2, 2030 linked to S&P 500 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will be called automatically starting April 9, 2025 at a price to give a return of 8.6% per year if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date.
At maturity the payout will be par plus 51.6% if the worst performing underlier finishes above its initial level.
The payout will be par if the worst performing index declines but finishes above its 80% trigger level and investors will be fully exposed to the decline of the worst performing index if it finishes below its 80% trigger level.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent. Morgan Stanley will act as distributor.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Jump securities with autocallable feature
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| Underlying indexes: | S&P 500 index and Russell 2000 index
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| Amount: | $9,106,000
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| Maturity: | April 2, 2030
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 51.6% if worst performing index finishes above its initial level; par if worst performing index declines but finishes above its 80% trigger level; otherwise full exposure to decline of worst performing index
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| Call: | Automatically starting April 9, 2025 at a price to give a return of 8.6% per year if the level of each underlying index is greater than or equal to its initial level on any quarterly call determination date
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| Initial levels: | 2,124.547 for Russell 2000, 5,254.35 for S&P 500
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| Downside thresholds: | 1,699.638 for Russell 2000, 4,203.48 for S&P 500, 80% of initial level
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| Pricing date: | March 28
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| Settlement date: | April 3
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| Agent: | BofA Securities, Inc.
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| Distributor: | Morgan Stanley
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| Fees: | 3.5%
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| Cusip: | 09711BDZ6
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