Published on 8/7/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $3.89 million contingent income issuer callable yield notes on fund, indexes
Chicago, Aug. 7 – BofA Finance LLC priced $3.89 million of contingent income issuer callable yield notes due July 31, 2025 linked to the least performing of the Energy Select Sector SPDR Fund, Nasdaq-100 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.5%, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called at par starting Jan. 31, 2024 on any monthly call date.
If the worst performing asset gains or ends above its 60% threshold value the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing asset 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 assets: | Energy Select Sector SPDR Fund, Nasdaq-100 index and Russell 2000 index
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Amount: | $3,891,000
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Maturity: | July 31, 2025
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Coupon: | 9.5% annual rate, paid monthly, if each underlier closes at or above its 70% 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; 1% loss for every 1% that worst performing asset declines if it finishes below its threshold value
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Call: | At par starting Jan. 31, 2024 on any monthly call date
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Initial levels: | $86.14 for fund, 15,499.26 for Nasdaq, 1,980.355 for Russell
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Downside thresholds: | $51.68 for fund, 9,299.56 for Nasdaq, 1,188.213 for Russell, 60% of initial levels
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Coupon barriers: | $60.30 for SPDR fund, 10,849.48 for Nasdaq, 1,386.249 for Russell, 70% of initial levels
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Pricing date: | July 26
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Settlement date: | July 31
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Agent: | BofA Securities, Inc.
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Fees: | 2.6%
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Cusip: | 09711A6L7
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