Published on 3/22/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $20.5 million trigger callable yield notes on Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, March 22 – BofA Finance LLC priced $20.5 million of 10.15% trigger callable yield notes due June 21, 2024 linked to the least performing of the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes are callable at par on any monthly call date after three months.
The payout at maturity will be par unless any index finishes below its 70% downside threshold level, in which case investors will lose 1% for each 1% decline of the worst performer from its initial level.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. and UBS Financial Services Inc. are the agents.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Trigger callable yield notes
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Underlying indexes: | Russell 2000 index and Dow Jones industrial average
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Amount: | $20.5 million
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Maturity: | June 21, 2024
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Coupon: | 10.15% per year, payable monthly
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Price: | Par of $10
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Payout at maturity: | Par unless any index finishes below downside threshold, in which case 1% loss for each 1% decline worst performer from initial level
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Call option: | At par on any monthly evaluation date after three months
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Initial levels: | 31,874.57 for Dow, 1,745.945 for Russell
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Downside thresholds: | 22,312.2 for Dow, 1,222.162, for Russell; 70% of initial levels
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Pricing date: | March 16
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Settlement date: | March 21
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Agents: | BofA Securities, Inc. and UBS Financial Services Inc.
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Fees: | 1%
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Cusip: | 09710K370
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