Published on 4/4/2024 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.29 million 8.5% contingent income autocallable yield notes on Russell, S&P
Chicago, April 4 – BofA Finance LLC priced $1.29 million of contingent income autocallable yield notes due July 23, 2025 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 8.5%, paid quarterly, if each underlying index closes at or above its 75% coupon barrier on the related quarterly observation date.
The securities may be called automatically at par if the level of each underlier is greater than or equal to its initial price and on any subsequent quarterly observation 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
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| 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: | $1.29 million
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| Maturity: | July 23, 2025
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| Coupon: | 8.5% annual rate, paid quarterly, if each underlying index closes at or above its 75% coupon barrier on the related quarterly observation date
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| 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
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| Call: | Automatically at par if the level of each underlier is greater than or equal to its initial price and on any subsequent quarterly observation date
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| Initial levels: | 1,923.654 for Russell, 4,780.94 for S&P
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| Downside thresholds: | 1,442.741 for Russell, 3,585.71 for S&P, 75% of initial levels
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| Coupon barriers: | 1,442.741 for Russell, 3,585.71 for S&P, 75% of initial levels
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| Pricing date: | Jan. 18
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| Settlement date: | Jan. 23
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| Agent: | BofA Securities, Inc.
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| Fees: | 1.5%
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| Cusip: | 09710PMC7
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