Published on 4/25/2024 in the Prospect News Structured Products Daily.
New Issue: BofA sells $3.14 million contingent income issuer callable yield notes on indexes, fund
Chicago, April 25 – BofA Finance LLC priced $3.14 million of contingent income issuer callable yield notes due Jan. 29, 2027 linked to the least performing of the Russell 2000 index, S&P 500 index and Utilities Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.65%, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called at par starting Jan. 30, 2025 on any monthly call date.
If the worst performing asset gains or ends above its 70% 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
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Guarantor: | Bank of America Corp.
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Issue: | Contingent income issuer callable yield notes
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Underlying assets: | Russell 2000 index, S&P 500 index and Utilities Select Sector SPDR Fund
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Amount: | $3.14 million
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Maturity: | Jan. 29, 2027
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Coupon: | 9.65% annual rate, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date
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Price: | Par
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Payout at maturity: | If worst performing asset finishes at or above its 70% threshold value, par; 1% loss for every 1% that worst performing asset declines if it finishes below its threshold value
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Call: | At par starting Jan. 30, 2025 on any monthly call date
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Initial levels: | 1,978.331 for Russell, 4,890.97 for S&P, $61.21 for utilities fund
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Coupon barriers: | 1,384.832 for Russell, 3,423.68 for S&P, $42.85 for utilities fun, 70% of initial levels
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Downside thresholds: | 1,384.832 for Russell, 3,423.68 for S&P, $42.85 for utilities fun, 70% of initial levels
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Pricing date: | Jan. 26
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Settlement date: | Jan. 31
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Agent: | BofA Securities, Inc.
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Fees: | 0.25%
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Cusip: | 09710PQB5
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