Published on 7/6/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $7.34 million contingent income buffered callable yield notes on Russell, S&P, Stoxx
By Wendy Van Sickle
Columbus, Ohio, July 6 – BofA Finance LLC priced $7.34 million of contingent income buffered issuer callable yield notes due July 2, 2026 linked to the worst performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 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% if each underlying index closes at or above its 75% coupon barrier on the observation date for that period.
The notes will be callable at par on any quarterly determination date.
The payout at maturity will be par if each index finishes at or above its 70% threshold level. Otherwise, investors will lose 1.42857% for each 1% decline of the worst performer beyond 30%.
The notes are guaranteed by Bank of America Corp.
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: | Contingent income buffered issuer callable yield notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index, Euro Stoxx 50 index
|
| Amount: | $7,335,000
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| Maturity: | July 2, 2026
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| Coupon: | 10% annualized rate, payable monthly if each index closes at or above its coupon barrier on observation date for that period
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1.42857% loss for each 1% decline of worst performing index beyond 30%
|
| Call: | At par on any quarterly determination date at option of issuer
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| Initial levels: | 4,344.75 for Stoxx, 1,858.709 for Russell, 4,376.86 for S&P
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| Coupon barriers: | 3,258.56 for Stoxx, 1,394.032 for Russell, 3,282.65 for S&P; 75% of initial levels
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| Downside thresholds: | 3,041.33 for Stoxx, 1,301.096 for Russell, 3,063.8 for S&P; 70% of initial levels
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| Pricing date: | June 29
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| Settlement date: | July 5
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| Selling agent: | BofA Securities, Inc.
|
| Fees: | 0.25%
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| Cusip: | 09711AA65
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