Published on 7/27/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $4.88 million contingent downside autocallables on S&P
By Wendy Van Sickle
Columbus, Ohio, July 27 – BofA Finance LLC priced $4.88 million of 0% market-linked autocallable securities with contingent downside due July 27, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annual call premium of 10.25% if the index closes at or above the initial level on any annual call observation date.
The payout at maturity will be par unless the index falls by more than 25%, in which case investors will be fully exposed to losses.
The notes are guaranteed by Bank of America Corp.
Wells Fargo Securities, LLC and BofA Securities, Inc. are the agents.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Market-linked autocallable securities with contingent downside
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Underlying index: | S&P 500 index
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Amount: | $4,884,000
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Maturity: | July 27, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par unless index falls by more than 25%, in which case lose 1% for every 1% decline
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Call: | Automatically at par plus a 10.25% annual call premium if the index closes at or above the initial level on any annual call observation date
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Initial level: | 3,961.63
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Threshold level: | 2,971.2225; 75% of initial level
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Pricing date: | July 22
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Settlement date: | July 27
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Agents: | Wells Fargo Securities, LLC and BofA Securities, Inc.
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Fees: | 2.475%
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Cusip: | 09709U4K1
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