Published on 4/18/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1 million contingent income buffered issuer callable yield notes
By William Gullotti
Buffalo, N.Y., April 18 – BofA Finance LLC priced $1 million of contingent income buffered issuer callable yield notes due April 13, 2026 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the Utilities Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9.2% if each underlier closes at or above its 70% coupon barrier on the observation date for that period.
The notes are callable at par plus any coupon otherwise due on any quarterly determination date.
The payout at maturity will be par plus the final coupon if each underlier finishes at or above its 80% buffer level.
Otherwise, investors will lose 1% for every 1% decline of the worst performer below 20%.
The notes are guaranteed by Bank of America Corp.
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: | Contingent income buffered issuer callable yield notes
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| Underlying assets: | Nasdaq-100 index, Russell 2000, Utilities Select Sector SPDR Fund
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| Amount: | $1 million
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| Maturity: | April 13, 2026
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| Coupon: | 9.2% annualized rate, payable monthly if each underlier closes at or above its coupon barrier on observation date for that period
|
| Price: | Par
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| Payout at maturity: | If each underlier finishes at or above buffer level, par plus final coupon; otherwise, 1% loss for each 1% decline of worst performer below 20%
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| Call option: | At par plus any coupon due on any quarterly determination date
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| Initial levels: | 18,100.19 for Nasdaq, 2,073.713 for Russell, $65.59 for ETF
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| Coupon barriers: | 12,670.13 for Nasdaq, 1,451.599 for Russell, $45.91 for ETF; 70% of initial levels
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| Buffer levels: | 14,480.15 for Nasdaq, 1,658.97 for Russell, $52.47 for ETF; 80% of initial levels
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| Pricing date: | April 8
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| Settlement date: | April 11
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 0.55%
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| Cusip: | 09711BL46
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