Published on 11/1/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1 million capped buffered enhanced return notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, Nov. 1 – BofA Finance LLC priced $1 million of 0% capped buffered enhanced return notes due April 30, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final level of the index is greater than or equal to its initial level, the payout at maturity will be par plus 1.25 times the return, subject to a maximum return of 16%. If the index’s final level is less than its initial level but greater than or equal to its buffer level, 90% of its initial level, the payout will be par. If the index finishes below its buffer level, investors will be exposed its decline beyond 10%.
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: | Capped buffered enhanced return notes
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Underlying index: | S&P 500
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Amount: | $1,001,000
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Maturity: | April 30, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If final level of the index is greater than or equal to initial level, par plus 1.25 times return, subject to maximum return of 16%; if index’s final level is less than initial level but greater than or equal to buffer level, par; otherwise, 1% loss for every 1% decline beyond 10%
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Initial level: | 4,137.23
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Buffer level: | 3,723.51, 90% of initial level
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Pricing date: | Oct. 26
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Settlement date: | Oct. 31
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Agent: | BofA Securities, Inc.
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Fees: | 2.2%
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Cusip: | 09711ASS8
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