Published on 6/2/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $3.39 million autocallable yield notes linked to Russell, S&P
By Angela McDaniels
Tacoma, Wash., June 2 – BofA Finance LLC priced $3.39 million of autocallable yield notes due July 5, 2024 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon of 8.5% per year if each index closes at or above its threshold level, 70% of its initial level, on the observation date for that month.
Beginning Nov. 30, the notes will be automatically called at par if each index closes at or above its initial level on any monthly observation date.
The payout at maturity will be par unless any index closes below its threshold level during the life of the notes and any index’s final level is less than its initial level, in which case investors will be exposed to the decline of the lesser performing index from its initial level.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Autocallable yield notes
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $3,393,000
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| Maturity: | July 5, 2024
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| Coupon: | 8.5% per year, payable monthly if each index closes at or above threshold level on observation date for that month
|
| Price: | Par
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| Payout at maturity: | Par unless any index closes below threshold level during life of notes and any index’s final level is less than initial level, in which case exposure to decline of lesser performing index from initial level
|
| Call: | Beginning Nov. 30, automatically at par if each index closes at or above initial level on any monthly observation date
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| Initial levels: | 1,767.292 for Russell and 4,205.52 for S&P
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| Threshold levels: | 1,237.104 for Russell and 2,943.86 for S&P, or 70% of initial levels
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| Pricing date: | May 30
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| Settlement date: | June 2
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| Agent: | BofA Securities, Inc.
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| Fees: | 1.5%
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| Cusip: | 09709VUW4
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