Published on 8/15/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.43 million contingent income autocallable yield notes on indexes, ETF
New York, Aug. 15 – BofA Finance LLC priced $2.43 million of contingent income autocallable yield notes due Aug. 14, 2025 linked to the Energy Select Sector SPDR Fund, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10%, paid quarterly, if each underlier closes at or above its 70% coupon barrier on the related quarterly observation date. Previously unpaid coupons will also be paid.
The securities will be called automatically at par if the closing level of each underlier is greater than or equal to its initial level on any quarterly observation date starting in February 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 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 autocallable yield notes
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| Underlying assets: | Energy Select Sector SPDR Fund, Nasdaq-100 index and S&P 500 index
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| Amount: | $2,425,000
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| Maturity: | Aug. 14, 2025
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| Coupon: | 10%, paid quarterly, if each underlier closes at or above its 70% coupon barrier on the related quarterly observation date, plus any previously unpaid coupons
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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: | Automatically at par if the closing level of each underlier is greater than or equal to its initial level on any quarterly observation date starting in February 2024
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| Initial levels: | $88.55 for Energy Select Sector SPDR Fund, 15,101.71 for Nasdaq-100 Index, 4,467.71 for S&P 500 Index
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| Downside thresholds: | $53.13 for Energy Select Sector SPDR Fund, 9,061.03 for Nasdaq-100 Index, 2,680.63 for S&P 500 Index, 60% of initial level
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| Coupon barriers: | $61.99 for Energy Select Sector SPDR Fund, 10,571.20 for Nasdaq-100 Index, 3,127.40 for S&P 500 Index, 70% of initial levels
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| Pricing date: | Aug. 9
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| Settlement date: | Aug. 14
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| Agent: | BofA Securities, Inc.
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| Fees: | 1.75%
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| Cusip: | 09711AFU7
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