Published on 9/1/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $3.87 million contingent income autocallable yield notes on funds
New York, Sept. 1 – BofA Finance LLC priced $3.87 million of contingent income autocallable yield notes due Sept. 2, 2026 linked to the iShares Russell 2000 ETF, SPDR S&P Regional Banking ETF and Technology Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9.1%, paid monthly, if each underlier closes at or above its 60% coupon barrier on the related monthly observation date.
The securities may be called automatically at par if the level of each underlier is greater than or equal to its initial price and on any subsequent determination 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 autocallable yield notes
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| Underlying assets: | iShares Russell 2000 ETF, SPDR S&P Regional Banking ETF and Technology Select Sector SPDR Fund
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| Amount: | $3,867,000
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| Maturity: | Sept. 2, 2026
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| Coupon: | 9.1%, paid monthly, if each underlier closes at or above its 60% 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: | Automatically at par if the level of each underlier is greater than or equal to its initial price and on any subsequent determination date
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| Initial levels: | $44.26 for SPDR S&P Regional Banking ETF, $170.09 for Technology Select Sector SPDR Fund, $185.64 for iShares Russell 2000 ETF
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| Downside thresholds: | $26.56 for SPDR S&P Regional Banking ETF, $102.05 for Technology Select Sector SPDR Fund, $111.38 for iShares Russell 2000 ETF, 60% of initial level
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| Coupon barriers: | $26.56 for SPDR S&P Regional Banking ETF, $102.05 for Technology Select Sector SPDR Fund, $111.38 for iShares Russell 2000 ETF, 60% of initial levels
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| Pricing date: | Aug. 28
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| Settlement date: | Aug. 31
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| Agent: | BofA Securities, Inc.
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| Fees: | 3.25%
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| Cusip: | 09711AH50
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