Published on 10/13/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $33.92 million autocallable notes on Russell, S&P, Dow
By Wendy Van Sickle
Columbus, Ohio, Oct. 13 – BofA Finance LLC priced $33.92 million of 0% autocallable notes due Oct. 11, 2029 linked to the least performing 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 are guaranteed by Bank of America Corp.
The notes will be called at par plus 11.15% per year if each index closes at or above 92% of its initial level on any semiannual valuation date after one year.
The payout at maturity will be par plus 66.9% if each index finishes at or above 92% of its initial level.
If any index finishes below 92% of its initial level but each finish at or above its threshold level, 80% of its initial level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the least performing index from its initial level.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Autocallable notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index, Dow Jones industrial average
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| Amount: | $33.92 million
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| Maturity: | Oct. 11, 2029
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above its call level, par plus 66.9%; if the least performing index finishes below its call level but at or above threshold level, par; otherwise, investors will be fully exposed to the decline of the least performing index from its initial level
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| Call: | Automatically at par plus 11.15% per year if each index closes at or above its call level on any semiannual valuation date after one year
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| Initial levels: | 4,308.5 for S&P, 1,745.558 for Russell, 33,407.58 for Dow
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| Call levels: | 3,963.82 for S&P, 1,605.913 for Russell, 30,734.97 for Dow; 92% of initial levels
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| Threshold levels: | 3,446.8 for S&P, 1,396.446 for Russell, 26,726.06 for Dow; 80% of initial levels
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| Pricing date: | Oct. 6
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| Settlement date: | Oct. 12
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 0%
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| Cusip: | 09711ANA2
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