Published on 11/28/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $752,000 autocallable enhanced return notes on basket of indexes, ETFs
By Kiku Steinfeld
Chicago, Nov. 28 – BofA Finance LLC priced $752,000 of autocallable enhanced return notes due March 31, 2027 linked to an unequally weighted basket of indexes and ETFs, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the S&P 500 index with a 35% weight, the Russell 2000 index with a 35% weight, the iShares MSCI EAFE ETF with a 20% weight and the iShares MSCI Emerging Markets ETF with a 10% weight.
The notes are guaranteed by Bank of America Corp.
The notes will be called at par plus 10% if the basket closes at or above its initial level on March 27, 2023.
If the basket finishes at or above its initial level, the payout at maturity will be par plus 1.6 times the return.
If the basket declines but finishes at or above the 70% barrier level, the payout will be par.
Otherwise, investors will be fully exposed to the decline of the basket 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 enhanced return notes
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| Underlying components: | S&P 500 index (35% weight), Russell 2000 index (35% weight), iShares MSCI EAFE ETF (20% weight) and iShares MSCI Emerging Markets ETF (10% weight)
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| Amount: | $752,000
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| Maturity: | March 31, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the basket finishes at or above its initial level, par plus 1.6 times the return of the basket; if the basket declines no farther than the barrier level, par; otherwise, investors will be fully exposed to the decline of the basket from its initial level
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| Call: | Automatically at par plus 10% if the basket closes at or above its initial level on March 27, 2023
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| Initial levels: | 4,543.06 for S&P, 2,077.983 for Russell, $73.76 for EAFE, $45.05 for EM
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| Barrier levels: | 70% of initial levels
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| Pricing date: | March 25, 2022
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| Settlement date: | March 30, 2022
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 1%
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| Cusip: | 09709UK98
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