Published on 3/2/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $4.8 million of trigger autocallable contingent yield notes on Stoxx, Russell
By William Gullotti
Buffalo, N.Y., March 2 – BofA Finance LLC priced $4.8 million of trigger autocallable contingent yield notes due Feb. 26, 2026 linked to the performance of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will pay a contingent quarterly coupon at an annual rate of 10.9% if each index closes at or above its coupon barrier, 70% of its initial level, on the relevant observation date.
The notes will be called at par of $10 plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its coupon barrier level.
If the worst performer finishes below its coupon barrier but not below the downside threshold level, 60% of its initial level, the payout will be par. Otherwise, investors will lose 1% for every 1% loss of the worst performer from its initial level.
UBS Financial Services Inc. and BofA Securities, Inc. are the agents.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying indexes: | Euro Stoxx 50 index, Russell 2000 index,
|
| Amount: | $4,800,420
|
| Maturity: | Feb. 26, 2026
|
| Coupon: | 10.9% annual rate, payable quarterly if each index closes at or above coupon barrier on quarterly observation date
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus the final coupon if each index finishes at or above coupon barrier level; if worst performer finishes below coupon barrier but at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worse performing index
|
| Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date after six months
|
| Initial index levels: | 4,178.82 for Stoxx, 1,890.485 for Russell
|
| Coupon barrier levels: | 2,925.17 for Stoxx, 1,323.34 for Russell; 70% of initial levels
|
| Downside thresholds: | 2,507.29 for Stoxx, 1,134.291 for Russell; 60% of initial levels
|
| Pricing date: | Feb. 24
|
| Settlement date: | Feb. 28
|
| Agents: | UBS Financial Services Inc. and BofA Securities, Inc.
|
| Fees: | None
|
| Cusip: | 09710K883
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
