Published on 1/29/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.1 million contingent income issuer callable yield notes on three ETFs
New York, Jan. 29 – BofA Finance LLC priced $2.1 million of contingent income issuer callable yield notes due Jan. 22, 2029 linked to the iShares Russell 2000 ETF, the SPDR Euro Stoxx 50 ETF and the Utilities Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11%, paid monthly, if each ETF closes at or above its 75% coupon barrier on the related monthly observation date, plus any previously unpaid coupons.
The securities may be called at par on any quarterly call date starting on July 22, 2024.
If the worst performing ETF finishes at or above its 65% threshold value, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the worst performing ETF declines from initial level.
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 ETFs: | iShares Russell 2000 ETF, SPDR Euro Stoxx 50 ETF and Utilities Select Sector SPDR Fund
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| Amount: | $2,099,000
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| Maturity: | Jan. 22, 2029
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| Coupon: | 11%, paid monthly, if each ETF closes at or above its 75% coupon barrier on the related monthly observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If worst performing ETF finishes at or above its 65% threshold value, par; otherwise, 1% loss for every 1% that worst performing ETF declines if it finishes below its threshold value
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| Call: | Starting on July 22, 2024 on any quarterly call date
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| Initial levels: | $45.80 for SPDR Euro Stoxx 50 ETF, $61.72 for Utilities Select Sector SPDR Fund, $189.48 for iShares Russell 2000 ETF
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| Downside thresholds: | $29.77 for SPDR Euro Stoxx 50 ETF, $40.12 for Utilities Select Sector SPDR Fund, $123.16 for iShares Russell 2000 ETF, 65% of initial levels
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| Coupon barriers: | $34.35 for SPDR Euro Stoxx 50 ETF, $46.29 for Utilities Select Sector SPDR Fund, $142.11 for iShares Russell 2000 ETF, 75% of initial levels
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| Pricing date: | Jan. 17
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| Settlement date: | Jan. 22
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.25%
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| Cusip: | 09710PMM5
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