Published on 4/24/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.17 million autocallable notes on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, April 24 – BofA Finance LLC priced $1.17 million of autocallable notes due April 24, 2028 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 10% per year if each index closes at or above its initial level on any quarterly valuation date.
The payout at maturity will be par plus 50% if each index finishes at or above 100% of its initial level.
If the worst performer declines but finishes at or above its threshold level, 75% 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
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| 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: | $1,166,000
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| Maturity: | April 24, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above 100% of its initial level, par plus 50%; if the least performing index falls but finishes at or above threshold level, par; otherwise, investors will be fully exposed to the decline of the least performing index from its initial level
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| Call: | Automatically at par plus 10% per year if each index closes at or above its initial level on any quarterly valuation date
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| Initial levels: | 4,154.52 for S&P, 1,799.442 for Russell
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| Threshold levels: | 3,115.89 for S&P, 1,349.582 for Russell; 75% of initial levels
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| Pricing date: | April 19
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| Settlement date: | April 24
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 2.85%
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| Cusip: | 09709VSM9
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