Published on 4/23/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $5 million memory income autocallable yield notes on indexes, ETF
By William Gullotti
Buffalo, N.Y., April 23 – BofA Finance LLC priced $5 million of contingent income (with memory feature) autocallable yield notes due July 22, 2025 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index 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 17.7505% if each underlier closes at or above its 80% coupon barrier on the observation date for that period. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be called at par plus the coupon if each underlier closes at or above its initial level on any quarterly determination date after six months.
If the notes have not been called, the payout at maturity will be par unless any underlier closes below its 65% downside threshold on any trading day during the life of the notes and any underlier finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from initial level.
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 (with memory feature) autocallable yield notes
|
| Underlying assets: | Nasdaq-100 index, Russell 2000 index, VanEck Gold Miners ETF
|
| Amount: | $5 million
|
| Maturity: | July 22, 2025
|
| Coupon: | 17.7505% annualized rate, payable monthly if each underlier closes at or above its coupon barrier on observation date for that period; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par unless any underlier closes below its 65% downside threshold on any trading day during the life of the notes and any underlier finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from initial level
|
| Call option: | Automatically at par plus coupon if each underlier closes at or above its initial level on any quarterly determination date after six months
|
| Initial levels: | $33.55 for ETF, 17,493.62 for Nasdaq, 1,947.947 for Russell
|
| Coupon barriers: | $26.84 for ETF, 13,994.9 for Nasdaq, 1,558.358 for Russell; 80% of initial levels
|
| Downside thresholds: | $21.81 for ETF, 11,370.85 for Nasdaq, 1,266.166 for Russell; 65% of initial levels
|
| Pricing date: | April 17
|
| Settlement date: | April 22
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 1%
|
| Cusip: | 09711BPF7
|
|
|
© 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.
