Published on 6/20/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $500,000 10% contingent income issuer callable yield notes on indexes
Chicago, June 20 – BofA Finance LLC priced $500,000 of contingent income issuer callable yield notes due June 5, 2028 linked to the least performing of the Dow Jones industrial average, Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called at par starting Dec. 5, 2023 on any monthly call date.
If the worst performing index gains or ends above its 50% threshold value the payout at maturity will be par plus any contingent coupon. Investors will lose 1% for every 1% that the worst performing index declines if it finishes below its threshold value.
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: | Contingent income issuer callable yield notes
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Underlying indexes: | Dow Jones industrial average, Russell 2000 index and S&P 500 index
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Amount: | $500,000
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Maturity: | June 5, 2028
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Coupon: | 10% annual rate, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date
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Price: | Par
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Payout at maturity: | If worst performing index finishes at or above its 50% threshold value, par; 1% loss for every 1% that worst performing index declines if it finishes below its threshold value
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Call: | At par starting Dec. 5, 2023 on any monthly call date
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Initial levels: | 32,908.27 for Dow, 1,749.650 for Russell, 4,179.83 for S&P
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Downside thresholds: | 16,454.14 for Dow, 874.825 for Russell, 2,089.92 for S&P, 50% of initial levels
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Coupon barriers: | 23,035.79 for Dow, 1,224.755 for Russell, 2,925.88 for S&P, 70% of initial levels
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Pricing date: | May 31
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Settlement date: | June 5
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Agent: | BofA Securities, Inc.
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Fees: | 0.3%
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Cusip: | 09709VXW1
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