Published on 6/28/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $2.24 million autocallable notes on Russell, S&P, Nasdaq
By William Gullotti
Buffalo, N.Y., June 28 – BofA Finance LLC priced $2.24 million of autocallable notes due June 24, 2027 linked to the least performing of the Nasdaq-100 index, 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 13% per year if each index closes at or above its initial level on any annual valuation date.
The payout at maturity will be par plus 65% if each index finishes at or above its initial level. If any index finishes below its initial level but each finishes at or above its threshold level, 70% 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: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
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Amount: | $2,241,000
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Maturity: | June 24, 2027
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If each index finishes at above its initial level, par plus 65%; if the least performing index finishes below initial 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 13% per year if each index closes at or above its initial level on any annual valuation date
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Initial levels: | 3,764.79 for S&P, 11,546.76 for Nasdaq, 1,694.031 for Russell
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Threshold levels: | 2,635.35 for S&P, 8,082.73 for Nasdaq, 1,185.822 for Russell; 70% of initial levels
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Pricing date: | June 21
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Settlement date: | June 24
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Selling agent: | BofA Securities, Inc.
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Fees: | 4%
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Cusip: | 09709U2U1
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