Published on 9/8/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.73 million contingent income autocallable yield notes linked to Twilio
New York, Sept. 8 – BofA Finance LLC priced $1.73 million of contingent income autocallable yield notes due Sept. 4, 2026 linked to the class A common stock of Twilio Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.2%, paid monthly, if the underlying stock closes at or above its 60% coupon barrier on the related monthly observation date, plus any previously unpaid coupons.
The securities will be called automatically at par if the stock closes at or above call level, 90% of initial level, on any monthly observation date starting in December 2023.
If the stock finishes at or above its 50% threshold value, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the stock 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 stock: | Twilio Inc.
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Amount: | $1,725,000
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Maturity: | Sept. 4, 2026
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Coupon: | 11.2%, paid monthly, if the underlying stock closes at or above its 60% coupon barrier on the related monthly observation date, plus any previously unpaid coupons
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Price: | Par
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Payout at maturity: | If stock finishes at or above its 50% threshold value, par; otherwise, 1% loss for every 1% that stock declines from initial level
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Call: | Automatically at par if the stock closes at or above its call level on any monthly observation date starting in December 2023
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Initial level: | $65.42
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Call level: | $58.88, 90% of initial level
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Downside threshold: | $32.71, 50% of initial level
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Coupon barrier: | $39.25, 60% of initial level
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Pricing date: | Sept. 1
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Settlement date: | Sept. 7
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Agent: | BofA Securities, Inc.
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Fees: | 3.5%
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Cusip: | 09711AKS6
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