Published on 4/30/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $14.03 million trigger autocallable contingent yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, April 30 – BofA Finance LLC priced $14.03 million of trigger autocallable contingent yield notes due April 22, 2027 linked to the least performing of the Nikkei Stock Average index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annualized rate of 10.65% if each index closes at or above its coupon barrier, 70% of its initial value, on the corresponding observation date for that quarter.
Beginning after six months, if the least performing index closes at or above its initial value on any quarterly observation date, the notes will be automatically called at par of $10 plus the contingent coupon for that observation date.
If the notes are not called and each index finishes at or above its downside threshold, 70% of its initial value, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the least-performing index from its initial value.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the underwriter and UBS Financial Services Inc. is the selling agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | Nikkei Stock Average index and S&P 500 index
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Amount: | $14,028,890
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Maturity: | April 22, 2027
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Coupon: | 10.65% per year, payable each quarter that each index closes at or above its coupon barrier on observation date for that quarter
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Price: | Par of $10
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Payout at maturity: | Par unless either index finishes below downside threshold, in which case 1% loss for every 1% decline of worst performing index from initial value
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Call: | Automatically at par plus contingent coupon if least performing index closes at or above initial value on any quarterly observation date starting Oct. 25, 2024
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Initial values: | 37,628.48 for Nikkei, 5,048.42 for S&P 500
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Coupon barriers: | 26,339.94 for Nikkei, 3,533.89, for S&P 500; 70% of initial values
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Downside thresholds: | 26,339.94 for Nikkei, 3,533.89, for S&P 500; 70% of initial values
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Pricing date: | April 25
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Settlement date: | April 30
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Agents: | UBS Financial Services Inc. and BofA Securities, Inc.
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Fees: | 0%
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Cusip: | 09710R250
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