Published on 3/3/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.36 million contingent income buffered autocalls on S&P, Russell
By Kiku Steinfeld
Chicago, March 3 – BofA Finance LLC priced $1.36 million of contingent income buffered autocallable yield notes due Aug. 27, 2025 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annual rate of 9.25% if each underlying closes at or above its 85% buffer on the related determination date.
The notes will be called at par if each underlying closes at or above its initial level on any monthly determination date after six months.
If the least performing underlier’s final level is greater than or equal to its 85%buffer level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least performing underlier declines beyond 15%.
The notes are guaranteed by Bank of America Corp.
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: | Contingent income buffered autocallable yield notes
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| Underlying assets: | S&P 500 index, Russell 2000 index
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| Amount: | $1,359,000
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| Maturity: | Aug. 27, 2025
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| Coupon: | 9.25% per year, payable monthly if indexes close at or above buffer levels on observation date for that period
|
| Price: | Par
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| Payout at maturity: | If least performing underlier’s final level is greater than or equal to buffer level, par; otherwise, 1% loss for every 1% that least performing underlier declines beyond buffer
|
| Call: | Automatically at par if underliers close at or above initial levels on any monthly determination date after six months
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| Initial levels: | 4,003.58 for S&P, 1,860.441 for Russell
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| Coupon barrier levels: | 3,403.04 for S&P, 1,581.375 for Russell; 85% of initial values
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| Buffer levels: | 3,403.04 for S&P, 1,581.375 for Russell; 85% of initial values
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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, Inc.
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| Fees: | 3%
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| Cusip: | 09709V7J9
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