Published on 4/14/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1 million contingent income autocallable yield notes on three stocks
Chicago, April 14 – BofA Finance LLC priced $1 million of contingent income autocallable yield notes due April 15, 2026 tied to the least performing of the stocks of Alphabet Inc., Amazon.com, Inc. and Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at the rate of 28.25% per year if each stock closes at or above its coupon barrier level, 80% of its initial level, on the observation date that period.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial level on any quarterly call determination date after six months.
If the notes are not called and each stock finishes at or above its downside threshold level, 80% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
The notes are guaranteed by Bank of America Corp.
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: | Contingent income autocallable yield notes
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Underlying stocks: | Alphabet Inc., Amazon.com, Inc. and Apple Inc.
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Amount: | $1,000,000
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Maturity: | April 15, 2026
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Coupon: | 28.25% per year, payable quarterly if each stock closes at or above coupon barrier level on any related observation date
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Price: | Par
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Payout at maturity: | If each stock finishes at or above downside threshold, par plus final coupon; if any stock finishes below downside threshold level, full exposure to decline of lowest-performing stock from its initial level
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Call option: | At par plus coupon if each stock closes at or above its initial level on any quarterly call determination date after six months
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Initial levels: | $108.90 for Alphabet, $102.06 for Amazon, $164.66 for Apple
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Coupon barrier levels: | $87.12 for Alphabet, $81.65 for Amazon, $131.73 for Apple; 80% of initial levels
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Downside threshold levels: | $87.12 for Alphabet, $81.65 for Amazon, $131.73 for Apple; 80% of initial levels
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Pricing date: | April 10
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Settlement date: | April 13
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Agent: | BofA Securities, Inc.
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Fees: | 0.6%
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Cusip: | 09709VRX6
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