Published on 4/26/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.32 million contingent income autocallable yield notes on S&P, stocks
By William Gullotti
Buffalo, N.Y., April 26 – BofA Finance LLC priced $2.32 million of contingent income (with memory feature) autocallable yield notes due April 22, 2027 tied to the performance of the S&P 500 index, Intel Corp. and Super Micro Computer, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at the rate of 21.6505% per year if each underlier closes at or above its coupon barrier level, 50% of its initial level, on the observation date that period. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be automatically called at par plus the coupon if each underlier closes at or above its initial level on any monthly call determination date after one year.
If the notes are not called and each underlier finishes at or above its 50% downside threshold level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income (with memory feature) autocallable yield notes
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| Underlying assets: | S&P 500 index, Intel Corp., Super Micro Computer, Inc.
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| Amount: | $2,315,000
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| Maturity: | April 22, 2027
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| Coupon: | 21.6505% per year, payable monthly if each underlier closes at or above coupon barrier level on relevant observation date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | If each underlier finishes at or above downside threshold, par plus final coupon; otherwise, full exposure to decline of lowest-performing underlier from its initial level
|
| Call: | At par plus coupon if each underlier closes at or above its initial level on any monthly call determination date after one year
|
| Initial levels: | 4,967.23 for S&P, $34.20 for Intel, $713.65 for Super Micro
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| Coupon barriers: | 2,483.62 for S&P, $17.10 for Intel, $356.83 for Super Micro; 50% of initial levels
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| Downside threshold levels: | 2,483.62 for S&P, $17.10 for Intel, $356.83 for Super Micro; 50% of initial levels
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| Pricing date: | April 19
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| Settlement date: | April 24
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| Agent: | BofA Securities, Inc.
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| Fees: | None
|
| Cusip: | 09711BQS8
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