Published on 9/29/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $50,000 10% fixed-income issuer callable yield notes on indexes
By Kiku Steinfeld
Chicago, Sept. 29 – BofA Finance LLC priced $50,000 of fixed-income issuer callable yield notes due March 21, 2024 linked to the least performing of the Nasdaq-100 index, Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10%, paid monthly.
The securities may be called at par after six months on any monthly call date.
If the worst performing index gains or ends above its 70% threshold value the payout at maturity will be par plus the coupon. Investors will lose 1% for every 1% that the worst performing index declines if it finishes below its threshold value, also with the final coupon.
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: | Fixed-income issuer callable yield notes
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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Amount: | $50,000
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Maturity: | March 21, 2024
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Coupon: | 10% annual rate, paid monthly
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Price: | Par
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Payout at maturity: | If worst performing index finishes at or above its 70% threshold value, par; 1% loss for every 1% that worst performing index declines if it finishes below its threshold value
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Call: | At par after six months on any monthly call date
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Initial levels: | 12,519.88 for Nasdaq, 1,725.891 for Russell, 3,916.64 for S&P
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Downside thresholds: | 8,763.92 for Nasdaq, 1,208.124 for Russell, 2,741.65 for S&P, 70% of initial levels
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Pricing date: | March 17, 2023
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Settlement date: | March 22, 2023
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Agent: | BofA Securities, Inc.
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Fees: | 0.25%
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Cusip: | 09709VLD6
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