Published on 7/19/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.32 million contingent income issuer callable yield notes on index, ETFs
New York, July 19 – BofA Finance LLC priced $1.32 million of contingent income issuer callable yield notes due July 16, 2026 linked to the Russell 2000 index, the SPDR S&P 500 ETF Trust and the Technology Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9%, paid monthly, if each underlier closes at or above its 75% coupon barrier on the related monthly observation date.
The securities may be called at par on any monthly call date starting Jan. 17, 2024.
If the worst performing asset finishes at or above its 60% threshold value, the payout at maturity will be par.
Otherwise, investors will lose 1% for every 1% that the worst performing asset declines from its 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 assets: | Russell 2000 index, SPDR S&P 500 ETF Trust and Technology Select Sector SPDR Fund
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| Amount: | $1,315,000
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| Maturity: | July 16, 2026
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| Coupon: | 9%, paid monthly, if each underlier closes at or above its 75% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | If worst performing asset finishes at or above its 60% threshold value, par; otherwise, 1% loss for every 1% that worst performing asset declines from initial level
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| Call option: | At par on any monthly call date starting Jan. 17, 2024
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| Initial levels: | 1,913.361 for Russell 2000 Index, $442.46 for SPDR S&P 500 ETF Trust, $172.03 for Technology Select Sector SPDR Fund
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| Downside thresholds: | 1,148.017 for Russell 2000 Index, $265.48 for SPDR S&P 500 ETF Trust, $103.22 for Technology Select Sector SPDR Fund, 60% of initial levels
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| Coupon barriers: | 1,435.021 for Russell 2000 Index, $331.85 for SPDR S&P 500 ETF Trust, $129.02 for Technology Select Sector SPDR Fund, 75% of initial levels
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| Pricing date: | July 11
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| Settlement date: | July 13
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| Agent: | BofA Securities, Inc.
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| Fees: | 2.7%
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| Cusip: | 09711ABN7
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