Published on 7/12/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.47 million 10.75% contingent income callable yield notes on indexes
By Kiku Steinfeld
Chicago, July 12 – BofA Finance LLC priced $2.47 million of contingent income issuer callable yield notes due March 1, 2029 linked to the Dow Jones industrial average, Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.75%, paid semiannually, if each underlying index closes at or above its 75% coupon barrier on the related semiannual observation date.
The securities may be called starting Feb. 27, 2024 on any semiannual date.
If the worst performing index gains or ends above its 75% threshold value the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing index declines if it finishes below its threshold value.
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: | Dow Jones industrial average, Russell 2000 index and S&P 500 index
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| Amount: | $2,474,000
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| Maturity: | March 1, 2029
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| Coupon: | 10.75%, paid semiannually, if each underlying index closes at or above its 75% coupon barrier on the related semiannual observation date
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| Price: | Par
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| Payout at maturity: | If worst performing index finishes at or above its 75% threshold value, par; 1% loss for every 1% that worst performing index declines if it finishes below its threshold value
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| Call: | Starting Feb. 27, 2024 on any semiannual date
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| Initial levels: | 33,045.09 for Dow, 1,894.675 for Russell, 3,991.05 for S&P
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| Downside thresholds: | 24,783.82 for Dow, 1,421.006 for Russell, 2,993.29 for S&P, 75% of initial level
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| Coupon barriers: | 24,783.82 for Dow, 1,421.006 for Russell, 2,993.29 for S&P, 75% of initial levels
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| Pricing date: | Feb. 22
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| Settlement date: | March 1
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| Agent: | BofA Securities, Inc.
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| Fees: | 0%
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| Cusip: | 09709VGX8
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