Published on 3/31/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $600,000 contingent income buffered callable yield notes on S&P
By Kiku Steinfeld
Chicago, March 31 – BofA Finance LLC priced $600,000 of contingent income buffered issuer callable yield notes due Dec. 14, 2027 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.4% if the index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes are callable at par plus any contingent coupon on any quarterly call observation date.
The payout at maturity will be par unless the index finishes below its 80% buffer level, in which case investors will lose 1% for every 1% that the index decline beyond the 20% buffer.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income buffer issuer callable yield notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $600,000
|
| Maturity: | Dec. 14, 2027
|
| Coupon: | 8.4% annual rate, payable quarterly if the index closes at or above coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If the index finishes at or above buffer level, par plus coupon; otherwise, 1% loss for the 1% decline of index beyond buffer
|
| Call option: | At par plus any coupon on any quarterly call observation date
|
| Initial level: | 3,934.38
|
| Buffer level: | 3,147.50, 80% of initial level
|
| Coupon barrier level: | 2,754.07, 70% of initial level
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 14
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 1%
|
| Cusip: | 09709VCG9
|
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