Published on 3/2/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $6.57 million contingent income autocallable yield notes on indexes, ETF
By William Gullotti
Buffalo, N.Y., March 2 – BofA Finance LLC priced $6.57 million of contingent income autocallable yield notes due May 30, 2024 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 18.25% if each underlier closes at or above its 65% coupon barrier on the observation date for that period.
The notes will be called at par plus the coupon if each underlier closes at or above its initial level on any monthly determination date after six months.
If the notes have not been called, the payout at maturity will be par unless any underlier closes below its 65% downside threshold during the life of the notes and any underlier finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from its initial level.
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: | Contingent income autocallable yield notes
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| Underlying assets: | Nasdaq-100 index, Russell 2000 index, VanEck Vectors Gold Miners ETF
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| Amount: | $6,569,000
|
| Maturity: | May 30, 2024
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| Coupon: | 18.25% annualized rate, payable monthly if each underlier closes at or above its coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any underlier closes below its 65% downside threshold during the life of the notes and any underlier finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from its initial level
|
| Call option: | Automatically at par plus coupon if each underlier closes at or above its initial level on any monthly determination date after six months
|
| Initial levels: | $26.99 for ETF, 11,969.65 for Nasdaq, 1,890.485 for Russell
|
| Coupon barriers: | $17.54 for ETF, 7,780.27 for Nasdaq, 1,228.815 for Russell; 65% of initial levels
|
| Downside thresholds: | $17.54 for ETF, 7,780.27 for Nasdaq, 1,228.815 for Russell; 65% of initial levels
|
| Pricing date: | Feb. 24
|
| Settlement date: | March 1
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 0.9%
|
| Cusip: | 09709VJ49
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