Published on 5/26/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $4.98 million contingent income issuer callable yield notes on Russell, S&P
New York, May 26 – BofA Finance LLC priced $4.98 million of contingent income issuer callable yield notes due May 24, 2028 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 7.3%, paid quarterly, if each underlying index closes at or above its 55% coupon barrier on the related quarterly observation date.
The securities may be called at par on any quarterly call determination date starting Nov. 24, 2023.
If the worst performing index finishes at or above its 55% threshold value, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the worst performing index declines from initial level.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Contingent income issuer callable yield notes
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Underlying indexes: | Russell 2000 index and S&P 500 index
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Amount: | $4,977,000
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Maturity: | May 24, 2028
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Coupon: | 7.3%, paid quarterly, if each underlying index closes at or above its 55% coupon barrier on the related quarterly observation date
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Price: | Par
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Payout at maturity: | If worst performing index finishes at or above its 55% threshold value, par; otherwise, 1% loss for every 1% that worst performing index declines from initial level
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Call option: | At par on any quarterly call determination date starting Nov. 24, 2023
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Initial levels: | 1,773.717 for Russell 2000 Index, 4,191.98 for S&P 500 Index
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Downside thresholds: | 975.544 for Russell 2000 Index, 2,305.59 for S&P 500 Index, 55% of initial level
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Coupon barriers: | 975.544 for Russell 2000 Index, 2,305.59 for S&P 500 Index, 55% of initial levels
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Pricing date: | May 19
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Settlement date: | May 24
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Agent: | BofA Securities, Inc.
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Fees: | 1.5%
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Cusip: | 09709VVH6
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