Published on 12/11/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.88 million autocallable enhanced return notes on Russell, Nasdaq, S&P
By William Gullotti
Buffalo, N.Y., Dec. 11 – BofA Finance LLC priced $1.88 million of autocallable enhanced return notes due Dec. 5, 2028 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will be called at par plus a premium of 13% per year if each index closes at or above its call level on any annual valuation date. Call level starts at 100% of initial level and steps down by 5% per year.
If the notes are not called, the payout at maturity will be par plus 200% of any gain in the least performing index.
If any index finishes below its initial level but no lower than its threshold level, 70% of its initial level, the payout will be par.
Otherwise, investors will be fully exposed to the decline of the least performing index.
BofA Securities, Inc. is the selling agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Autocallable enhanced return notes
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Underlying indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
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Amount: | $1,883,000
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Maturity: | Dec. 5, 2028
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 200% of any gain in the least performing index; if the least performing index declines but finishes at or above the threshold level, par; otherwise, investors will be fully exposed to the decline of the least performing index
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Call: | Automatically at par plus 13% per year if each index closes at or above its call level on any annual valuation date; call level starts at 100% of initial level and steps down by 5% per year
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Initial levels: | 15,947.87 for Nasdaq, 4,567.8 for S&P, 1,809.02 for Russell
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Threshold levels: | 11,163.51 for Nasdaq, 3,197.46 for S&P, 1,266.314 for Russell; 70% of initial levels
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Pricing date: | Nov. 30
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Settlement date: | Dec. 5
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Selling agent: | BofA Securities, Inc.
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Fees: | 1.125%
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Cusip: | 09710P3Y0
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