Published on 9/25/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $5.1 million market-linked autocalls with contingent downside on indexes
By William Gullotti
Buffalo, N.Y., Sept. 25 – BofA Finance LLC priced $5.1 million of market-linked securities – autocallable with contingent downside due Sept. 22, 2027 linked to the performance of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 10.25% annualized call premium if each index closes at or above the initial level on any annual observation date.
If the notes are not called and each index finishes at or above its 70% downside threshold, the payout at maturity will be par plus 41%.
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.
Wells Fargo Securities, LLC and BofA Securities, Inc. are the agents.
Issuer: | BofA Finance LLC
|
Guarantor: | Bank of America Corp.
|
Issue: | Market linked securities – autocallable with contingent downside
|
Underlying indexes: | Dow Jones industrial average, Russell 2000 index, S&P 500 index
|
Amount: | $5.1 million
|
Maturity: | Sept. 22, 2027
|
Coupon: | 0%
|
Price: | Par
|
Payout at maturity: | If each index finishes at or above downside threshold, par plus 41%; otherwise, full exposure to decline of worst performer from initial level
|
Call: | At par plus a 10.25% annualized call premium if each index closes at or above its initial level on any annual observation date
|
Initial levels: | 34,517.73 for Dow, 1,826.527 for Russell, 4,443.95 for S&P
|
Downside thresholds: | 24,162.411 for Dow, 1,278.5689 for Russell, 3,110.765 for S&P; 70% of initial levels
|
Pricing date: | Sept. 19
|
Settlement date: | Sept. 22
|
Agents: | Wells Fargo Securities, LLC and BofA Securities, Inc.
|
Fees: | 0.825%
|
Cusip: | 09711APR3
|
|
© 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.