Published on 3/3/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.44 million contingent income buffered callable yield notes on S&P, Russell
By Kiku Steinfeld
Chicago, March 3 – BofA Finance LLC priced $1.44 million of contingent income buffered issuer callable yield notes due Nov. 26, 2027 linked to 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 10.75%, paid monthly, if each underlying index closes at or above its 85% coupon barrier on the related monthly observation date.
The securities may be called at par on any monthly call determination date after one year.
If the worst performing index gains or ends above its 85% buffer level, the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing index declines below its buffer level.
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 buffered issuer callable yield notes
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Underlying indexes: | Russell 2000 index and S&P 500 index
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Amount: | $1,436,000
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Maturity: | Nov. 26, 2027
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Coupon: | 10.75%, paid monthly, if each underlying index closes at or above its 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 buffer level, par; 1% loss for every 1% that worst performing index declines below buffer level
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Call: | At par on any monthly call determination date after one year
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Initial levels: | 4,003.58 for S&P, 1,860.441 for Russell
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Buffer levels: | 3,403.04 for S&P, 1,581.375 for Russell; 85% of initial levels
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Coupon barriers: | 3,403.04 for S&P, 1,581.375 for Russell; 85% of initial levels
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Pricing date: | Nov. 22, 2022
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Settlement date: | Nov. 28, 2022
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Agent: | BofA Securities
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Fees: | 4%
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Cusip: | 09709V7L4
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