Published on 2/13/2024 in the Prospect News Structured Products Daily.
New Issue: BofA sells $854,000 autocallable notes on Russell, S&P
Chicago, Feb. 13 – BofA Finance LLC priced $854,000 of autocallable notes due May 29, 2026 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will be called at par plus 10.4% per year if each index closes at or above its call level on either annual call valuation date. The call level is the initial level on the first call date and 95% of the initial level on the second call date.
The payout at maturity will be par plus 31.2% if each index finishes at or above 90% of its initial level.
If any index finishes below 90% of its initial level but each finish at or above its threshold level, 70% of its initial level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the least performing index from its initial level.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Autocallable notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $854,000
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| Maturity: | May 29, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at above 90% of its initial level, par plus 31.2%; if the least performing index finishes below 90% of initial level but at or above 70% threshold level, par; otherwise, investors will be fully exposed to the decline of the least performing index from its initial level
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| Call: | Automatically at par plus 10.4% per year if each index closes at or above its call level on any either annual call valuation date; first call level is 100% of initial level, second call level is 95% of initial level
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| Initial levels: | 4,151.28 for S&P, 1,754.605 for Russell
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| Redemption barrier levels: | 3,736.15 for S&P, 1,579.145 for Russell; 90% of initial levels
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| Threshold levels: | 2,905.90 for S&P, 1,228.224 for Russell; 70% of initial levels
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| Pricing date: | May 25, 2023
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| Settlement date: | May 31, 2023
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 2.25%
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| Cusip: | 09709VWJ1
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