Published on 8/1/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $18.99 million autocallable Stars linked to index basket
By Wendy Van Sickle
Columbus, Ohio, Aug. 1 – BofA Finance LLC priced $18.99 million of autocallable Strategic Accelerated Redemption Securities due July 30, 2026 linked to an international equity index basket, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The basket consists of the Euro Stoxx 50 index with an initial weight of 40%, the FTSE 100 index and the Nikkei Stock Average index each with an initial weight of 20%, the Swiss Market index and the S&P/ASX 200 index each with an initial weight of 7.5% and the FTSE China 50 index with an initial weight of 5%.
The notes will be called at par plus a premium if the closing level of the basket is greater than or equal to its starting value on any annual observation date, including maturity. The call premium will be 10.75% per year.
If the notes are not called investors will lose 1% for every 1% decline.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Autocallable Strategic Accelerated Redemption Securities
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| Underlying indexes: | Euro Stoxx 50 (40% weight), FTSE 100 (20% weight), Nikkei Stock (20% weight), Swiss Market (7.5% weight), S&P/ASX 200 (7.5% weight), FTSE China 50 (5% weight)
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| Amount: | $18,986,510
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| Maturity: | July 30, 2026
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If notes are not called, 1% loss for each 1% decline
|
| Call: | Notes will be called at par plus a premium if the closing level of the basket is greater than or equal to its starting value on any annual observation date including maturity; call premium will be 10.75% per year
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| Initial levels: | 4,447.44 for Stoxx, 7,629.76 for FTSE, 32,891.16 for Nikkei, 11,373.21 for Swiss, 7,455.917 for S&P/ASX, 12,970.28 for FTSE China 50
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| Pricing date: | July 27
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| Settlement date: | Aug. 3
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| Agent: | BofA Securities, Inc.
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| Fees: | 2%
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| Cusip: | 06054E770
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