Published on 3/20/2024 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.13 million contingent income autocallable yield notes on Russell, S&P
Chicago, March 20 – BofA Finance LLC priced $1.13 million of contingent income autocallable yield notes due Dec. 4, 2024 linked to the least performing of the 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 6.5%, paid monthly, if each underlying index closes at or above its 75% coupon barrier on the related monthly observation date.
Starting after six months, the securities will be called automatically at par if the level of each underlier is greater than or equal to its initial price and on any subsequent monthly determination date.
If the worst performing index gains or ends above its 75% threshold value the payout at maturity will be par plus the 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
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $1,128,000
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| Maturity: | Dec. 4, 2024
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| Coupon: | 6.5% annual rate, paid monthly, if each underlying index closes at or above its 75% coupon barrier on the related monthly observation date
|
| Price: | Par
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| Payout at maturity: | If worst performing index finishes at or above its 75% threshold value, par; 1% loss for every 1% that worst performing index declines if it finishes below its threshold value
|
| Call: | Automatically at par if the level of each underlier is greater than or equal to its initial price starting after six months and on any monthly subsequent determination date
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| Initial levels: | 2,054.843 for Russell, 5,096.27 for S&P
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| Coupon barriers: | 1,541.132 for Russell, 3,822.20 for S&P, 75% of initial levels
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| Downside thresholds: | 1,541.132 for Russell, 3,822.20 for S&P, 75% of initial level
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| Pricing date: | Feb. 29
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| Settlement date: | March 5
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| Agent: | BofA Securities, Inc.
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| Fees: | 0%
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| Cusip: | 09710PTY2
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