Published on 10/28/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $33.89 million 16.12% fixed-income autocallable yield notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, Oct. 28 – BofA Finance LLC priced $33.89 million of 16.12% fixed-income autocallable yield notes due Oct. 26, 2023 linked to the worst performing of the Russell 2000 index, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each index closes above its initial level on any monthly determination date after six months.
The payout at maturity will be par if no index closes below its 70% threshold level during the life of the notes or if all three indexes close above their initial levels. Otherwise, investors will be fully exposed to any losses of the worst performing index.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Fixed-income autocallable yield notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index, Nasdaq-100 index
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| Amount: | $33,893,000
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| Maturity: | Oct. 26, 2023
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| Coupon: | 16.12% annualized, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if no index closes below downside threshold during life of notes or if all indexes finish above initial levels; otherwise, 1% loss for each 1% decline of worst performing index
|
| Call: | At par if each index closes above its initial level on any monthly determination date after six months
|
| Initial levels: | 3,752.75 for S&P, 1,742.238 for Russell, 11,310.33 for Nasdaq
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| Downside threshold levels: | 2,626.93 for S&P, 1,219.567 for Russell, 7,917.23 for Nasdaq; 70% of initial levels
|
| Pricing date: | Oct. 21
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| Settlement date: | Oct. 26
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 0.25%
|
| Cusip: | 09709V4M5
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