Published on 10/5/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.4 million buffered contingent income autocalls on S&P, Dow
By William Gullotti
Buffalo, N.Y., Oct. 5 – BofA Finance LLC priced $1.4 million of contingent income buffered autocallable yield notes due Sept. 29, 2028 linked to the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will pay a monthly coupon at an annual rate of 6.2% if each index closes at or above its 80% coupon barrier on a related determination date.
The notes will be called at par plus coupon if each index closes at or above its initial level on any monthly determination date after one year.
If the final level of each index is greater than or equal to its 85% downside threshold, the payout at maturity will be par plus the final contingent coupon.
Otherwise, investors will lose 1% for every 1% decline in worst performing index beyond 15%.
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 buffered autocallable yield notes
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| Underlying indexes: | S&P 500 index, Dow Jones industrial average
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| Amount: | $1.4 million
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| Maturity: | Sept. 29, 2028
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| Coupon: | 6.2% per year, payable monthly if each index closes at or above coupon barrier level on the observation date for that period
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| Price: | Par
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| Payout at maturity: | If final level of each index is greater than or equal to downside threshold, par plus final contingent coupon; otherwise, investors will lose 1% for every 1% decline of worst performer beyond 15%
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| Call: | At par plus contingent coupon if each index closes at or above initial level on any monthly determination date after one year
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| Initial levels: | 4,273.53 for S&P, 33,618.88 for Dow
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| Coupon barriers: | 3,418.82 for S&P, 26,895.1 for Dow; 80% of initial levels
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| Downside thresholds: | 3,632.5 for S&P, 28,576.05 for Dow; 85% of initial levels
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| Pricing date: | Sept. 26
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| Settlement date: | Sept. 29
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| Agent: | BofA Securities, Inc.
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| Fees: | 2.95%
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| Cusip: | 09711AQQ4
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