Published on 9/15/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.18 million 15.8% contingent income autocallable yield notes on indexes, ETF
Chicago, Sept. 15 – BofA Finance LLC priced $1.18 million of contingent income autocallable yield notes due Dec. 16, 2024 linked to the least performing of the Nasdaq-100 index, Russell 2000 index and VanEck Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 15.8%, paid monthly, if each underlier closes at or above its 65% coupon barrier on the related monthly observation date.
The securities may be called automatically at par on any quarterly call determination date starting after six months if each asset closes above 105% of its initial level.
If none of the assets closes below the 65% threshold value during the life of the notes or all three assets close above their initial levels, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the worst performing asset declines.
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: | Nasdaq-100 index, Russell 2000 index and VanEck Gold Miners ETF
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| Amount: | $1,175,000
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| Maturity: | Dec. 16, 2024
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| Coupon: | 15.8% annual rate, paid monthly, if each underlier closes at or above its 65% coupon barrier on the related monthly observation date
|
| Price: | Par
|
| Payout at maturity: | If none of the assets close below the 65% threshold value during the life of the notes or all three assets close above their initial levels, par; otherwise, 1% loss for every 1% that worst performing asset declines
|
| Call: | Automatically at par on any quarterly call determination date starting after six months if each asset closes above 105% of its initial level
|
| Initial levels: | 15,461.87 for Nasdaq, 1,855.142 for Russell, $28.77 for ETF
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| Call levels: | 16,234.96 for Nasdaq, 1,947.899 for Russell, $30.21 for ETF, 105% of initial levels
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| Downside thresholds: | 10,050.22 for Nasdaq, 1,205.842 for Russell, $18.70 for ETF, 65% of initial levels
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| Coupon barriers: | 10,050.22 for Nasdaq, 1,205.842 for Russell, $18.70 for ETF, 65% of initial levels
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| Pricing date: | Sept. 11
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| Settlement date: | Sept. 14
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.8%
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| Cusip: | 09711AN61
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