Published on 10/10/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.1 million 9.3% contingent income issuer callable yield notes on S&P indexes
Chicago, Oct. 10 – BofA Finance LLC priced $1.1 million of contingent income issuer callable yield notes due Oct. 8, 2026 linked to the least performing of the S&P 500 index and S&P 500 Equal Weight index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.3%, 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 on April 9, 2024 on any quarterly call date.
If the worst performing index gains or ends above its 60% 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: | S&P 500 index and S&P 500 Equal Weight index
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Amount: | $1.1 million
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Maturity: | Oct. 8, 2026
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Coupon: | 9.3% 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 60% 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 on April 9, 2024 on any quarterly call date
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Initial levels: | 5,655.73 for Equal Weight, 4,263.75 for S&P 500
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Coupon barriers: | 3,959.01 for Equal Weight, 2,984.63 for S&P 500, 70% of initial levels
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Downside thresholds: | 3,393.44 for Equal Weight, 2,558.25 for S&P 500, 60% of initial level
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Pricing date: | Oct. 4
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Settlement date: | Oct. 10
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Agent: | BofA Securities, Inc.
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Fees: | 0.7%
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Cusip: | 09711AR34
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