Published on 4/26/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $541,000 11.5% contingent income callable yield notes on ETFs
By Kiku Steinfeld
Chicago, April 26 – BofA Finance LLC priced $541,000 of contingent income issuer callable yield notes due July 31, 2026 linked to the iShares Russell 2000 ETF, Technology Select Sector SPDR Fund and VanEck Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.5%, paid monthly, if each underlier closes at or above its 55% coupon barrier on the related monthly observation date.
The securities may be called starting Feb. 1, 2024 on any monthly call date.
If the worst performing asset gains or ends above its 55% threshold value the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing asset declines if it finishes below its threshold value.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
Issuer: | BofA Finance LLC
|
Guarantor: | Bank of America Corp.
|
Issue: | Contingent income issuer callable yield notes
|
Underlying assets: | iShares Russell 2000 ETF, Technology Select Sector SPDR Fund and VanEck Gold Miners ETF
|
Amount: | $541,000
|
Maturity: | July 31, 2026
|
Coupon: | 11.5%, paid monthly, if each underlier closes at or above its 55% coupon barrier on the related monthly observation date
|
Price: | Par
|
Payout at maturity: | If worst performing asset finishes at or above its 55% threshold value, par; 1% loss for every 1% that worst performing asset declines if it finishes below its threshold value
|
Call: | Starting Feb. 1, 2024 on any monthly call date
|
Initial levels: | $177.94 for Technology Select Sector SPDR Fund, $30.72 for VanEck Gold Miners ETF, $196.43 for iShares Russell ETF
|
Downside thresholds: | $97.87 for Technology Select Sector SPDR Fund, $16.90 for VanEck Gold Miners ETF, $108.04 for iShares Russell ETF, 55% of initial level
|
Coupon barriers: | $97.87 for Technology Select Sector SPDR Fund, $16.90 for VanEck Gold Miners ETF, $108.04 for iShares Russell ETF, 55% of initial levels
|
Pricing date: | July 28, 2023
|
Settlement date: | Aug. 2, 2023
|
Agent: | BofA Securities, Inc.
|
Fees: | 0.4%
|
Cusip: | 09711ACW6
|
|
© 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.