Published on 3/16/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.56 million 6.5% contingent income autocallable yield notes on indexes
Chicago, March 16 – BofA Finance LLC priced $1.56 million of contingent income autocallable yield notes due Feb. 3, 2028 linked to the least performing of the Dow Jones industrial average, 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 60% coupon barrier on the related monthly observation date.
The securities may be called automatically at par starting after one year and on any subsequent monthly determination date if all three indexes close above their initial levels.
If the worst performing index gains or ends above its 60% 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 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: | Dow Jones industrial average, Russell 2000 index and S&P 500 index
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Amount: | $1,557,000
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Maturity: | Feb. 3, 2028
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Coupon: | 6.5% annual rate, paid monthly, if each underlying index closes at or above its 60% coupon barrier on the related monthly observation date
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Price: | Par
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Payout at maturity: | If worst performing index finishes at or above its 60% 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 starting after one year and on any subsequent monthly determination date if all three indexes close above their initial levels
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Initial levels: | 33,717.09 for Dow, 1,885.720 for Russell, 4,017.77 for S&P
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Downside thresholds: | 20,230.25 for Dow, 1,131.432 for Russell, 2,410.66 for S&P, 60% of initial levels
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Coupon barriers: | 20,230.25 for Dow, 1,131.432 for Russell, 2,410.66 for S&P, 60% of initial levels
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Pricing date: | Jan. 30
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Settlement date: | Feb. 2
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Agent: | BofA Securities
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Fees: | 2.5%
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Cusip: | 09709VDZ6
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