Published on 5/23/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $3.74 million market-linked autocalls with contingent downside on indexes
By William Gullotti
Buffalo, N.Y., May 23 – BofA Finance LLC priced $3.74 million of market-linked securities – autocallable with contingent coupon and contingent downside due April 29, 2024 linked to the performance of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 10.1% if each index closes at or above its 75% coupon threshold on the observation date for that period.
The notes will be called at par plus the coupon if each index closes at or above the initial level on any monthly observation date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its 75% downside threshold. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
The notes are guaranteed by Bank of America Corp.
Wells Fargo Securities, LLC and BofA Securities, Inc. are the agents.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying indexes: | Dow Jones industrial average, Russell 2000 index, Nasdaq-100 index
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| Amount: | $3.74 million
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| Maturity: | April 29, 2024
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| Coupon: | 10.1% annualized, payable monthly if each index closes at or above coupon threshold on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon if each index finishes at or above downside threshold; otherwise, 1% loss per 1% decline of worst performer from its initial level
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| Call: | At par plus coupon if each index closes at or above its initial level on any monthly observation date after six months
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| Initial levels: | 34,098.16 for Dow, 1,768.987 for Russell, 13,245.99 for Nasdaq
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| Coupon thresholds: | 25,573.62 for Dow, 1,326.74025 for Russell, 9,934.4925 for Nasdaq; 75% of initial levels
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| Downside thresholds: | 25,573.62 for Dow, 1,326.74025 for Russell, 9,934.4925 for Nasdaq; 75% of initial levels
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| Pricing date: | April 28
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| Settlement date: | May 3
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| Agents: | Wells Fargo Securities, LLC and BofA Securities, Inc.
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| Fees: | 1.325%
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| Cusip: | 09709VPF7
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