Published on 9/5/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $3.53 million market-linked autocalls with contingent downside on indexes
By William Gullotti
Buffalo, N.Y., Sept. 5 – BofA Finance LLC priced $3.53 million of market-linked securities – autocallable with contingent downside due Sept. 1, 2027 linked to the performance of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 12% annualized call premium if each index closes at or above the initial level on any quarterly observation date after one year.
If the notes are not called at maturity and each index finishes at or above its 70% downside threshold, the payout at maturity will be par.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
The notes are guaranteed by Bank of America Corp.
Wells Fargo Securities, LLC and BofA Securities, Inc. are the agents.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Market linked securities – autocallable with contingent downside
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| Underlying indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
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| Amount: | $3,525,000
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| Maturity: | Sept. 1, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the notes are not called and each index finishes at or above downside threshold, par; otherwise, full exposure to decline of worst performer from initial level
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| Call: | At par plus a 12% annualized call premium if each index closes at or above its initial level on any quarterly observation date after one year
|
| Initial levels: | 4,497.63 for S&P, 1,895.538 for Russell, 15,376.55 for Nasdaq
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| Downside thresholds: | 3,148.341 for S&P, 1,326.8766 for Russell, 10,763.585 for Nasdaq; 70% of initial levels
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| Pricing date: | Aug. 29
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| Settlement date: | Sept. 1
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| Agents: | Wells Fargo Securities, LLC and BofA Securities, Inc.
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| Fees: | 2.575%
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| Cusip: | 09711AJN9
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