Published on 5/12/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.95 million 7.3% fixed income buffered issuer callable notes on indexes
By William Gullotti
Buffalo, N.Y., May 12 – BofA Finance LLC priced $1.95 million of 7.3% fixed income buffered issuer callable yield notes due May 2, 2024 linked to the performance of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid monthly.
The notes are callable at par plus a fixed coupon on any monthly determination date after six months.
The payout at maturity will be par plus the final coupon unless the worst performing index finishes below its 80% buffer level, in which case investors will lose 1% for each 1% decline of the worst performer beyond 20%.
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.
|
| Issue: | Fixed income buffered issuer callable yield notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
|
| Amount: | $1,948,000
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| Maturity: | May 2, 2024
|
| Coupon: | 7.3% annualized, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above buffer level, par plus final coupon; otherwise, 1% loss for each 1% decline of worst performer beyond 20%
|
| Call option: | At par plus the fixed coupon on any monthly determination date after six months
|
| Initial levels: | 13,245.99 for Nasdaq, 1,768.987 for Russell, 4,169.48 for S&P
|
| Buffer levels: | 10,596.79 for Nasdaq, 1,415.19 for Russell, 3,335.58 for S&P; 80% of initial levels
|
| Pricing date: | April 28
|
| Settlement date: | May 3
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 0.25%
|
| Cusip: | 09709VT22
|
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