Published on 3/16/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.67 million contingent income issuer callable yield notes on indexes, ETF
By Emma Trincal
New York, March 16 – BofA Finance LLC priced $1.67 million of contingent income issuer callable yield notes due March 18, 2025 linked to the least performing of the Russell 2000 index, the S&P 500 index and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 15.75% per annum, paid quarterly, if each underlier closes at or above its 65% coupon barrier on the related quarterly observation date.
The securities may be called at par on any quarterly call determination date starting Sept. 18.
If the worst performing underlier finishes at or above its 65% threshold value, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will lose 1% for every 1% that the worst performing underlier declines from initial level.
The notes are guaranteed by Bank of America Corp.
BofA Securities is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income issuer callable yield notes
|
| Underliers: | Russell 2000 index, S&P 500 index and SPDR S&P Regional Banking ETF
|
| Amount: | $1,665,000
|
| Maturity: | March 18, 2025
|
| Coupon: | 15.75% annual rate, paid quarterly, if each underlier closes at or above its 65% coupon barrier on the related quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | If worst performing underlier finishes at or above its 65% threshold value, par; otherwise, 1% loss for every 1% that worst performing underlier declines from initial level
|
| Call option: | At par on any quarterly call determination date starting Sept. 18
|
| Initial levels: | 1,744.302 for Russell, 3,855.76 for S&P, $44.45 for SPDR ETF
|
| Downside thresholds: | 1,133.796 for Russell, 2,506.24 for S&P, $28.89 for SPDR ETF, 65% of initial levels
|
| Coupon barriers: | 1,133.796 for Russell, 2,506.24 for S&P, $28.89 for SPDR ETF, 65% of initial levels
|
| Pricing date: | March 13
|
| Settlement date: | March 16
|
| Agent: | BofA Securities
|
| Fees: | 1.75%
|
| Cusip: | 09709VM60
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
