Published on 12/20/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $907,000 contingent income buffered autocallables on silver, gold ETFs
By Kiku Steinfeld
Chicago, Dec. 20 – BofA Finance LLC priced $907,000 of contingent income buffered autocallable yield notes due April 29, 2026 linked to the least performing of the iShares Silver Trust and the VanEck Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8.9% if each ETF closes at or above its coupon barrier, 75% of its initial level, on the observation date for that month, plus any previously unpaid coupons.
The notes will be called at par plus the contingent coupon if each ETF closes at or above its initial level on any monthly observation date after one year.
The payout at maturity will be par unless any ETF finishes below its 75% buffer level, in which case investors will be fully exposed to the losses of the worst performing ETF beyond 25%.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
Issuer: | BofA Finance LLC
|
Guarantor: | Bank of America Corp.
|
Issue: | Contingent income buffered autocallable yield notes
|
Underlying ETFs: | iShares Silver Trust and the VanEck Gold Miners ETF
|
Amount: | $907,000
|
Maturity: | April 29, 2026
|
Coupon: | 8.9% annual rate, payable monthly if each ETF closes at or above coupon barrier on observation date for that month, plus any previously unpaid coupons
|
Price: | Par
|
Payout at maturity: | If each ETF finishes at or above buffer, par; otherwise 1% loss for each 1% decline of worst performing ETF beyond 25%
|
Call: | At par plus coupon if each ETF closes at or above its initial level on any monthly observation date after one year
|
Initial levels: | $23.08 for silver, $33.71 for gold
|
Coupon barriers: | $17.31 for silver, $25.28 for gold; 75% of initial levels
|
Buffers: | $17.31 for silver, $25.28 for gold; 75% of initial levels
|
Pricing date: | April 24, 2023
|
Settlement date: | April 27, 2023
|
Selling agent: | BofA Securities, Inc.
|
Fees: | 2.95%
|
Cusip: | 09709VRG3
|
|
© 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.