Published on 10/4/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $3 million 10.85% contingent income callable yield notes on ETFs
New York, Oct. 4 – BofA Finance LLC priced $3 million of contingent income issuer callable yield notes due Oct. 3, 2028 linked to the iShares Russell 2000 ETF, SPDR Euro Stoxx 50 ETF and SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.85%, paid quarterly, if each underlier closes at or above its 65% coupon barrier on the related quarterly observation date.
The securities may be called starting April 3, 2024 on any quarterly call date.
If the worst performing asset gains or ends above its 65% 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 issuer callable yield notes
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| Underlying assets: | iShares Russell 2000 ETF, SPDR Euro Stoxx 50 ETF and SPDR S&P 500 ETF Trust
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| Amount: | $3 million
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| Maturity: | Oct. 3, 2028
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| Coupon: | 10.85%, paid quarterly, if each underlier closes at or above its 65% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | If worst performing asset finishes at or above its 65% 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: | Starting April 3, 2024 on any quarterly call date
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| Initial levels: | $41.97 for SPDR Euro Stoxx 50 ETF, $428.52 for SPDR S&P 500 ETF Trust, $177.58 for iShares Russell 2000 ETF
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| Downside thresholds: | $27.28 for SPDR Euro Stoxx 50 ETF, $278.54 for SPDR S&P 500 ETF Trust, $115.43 for iShares Russell 2000 ETF, 65% of initial level
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| Coupon barriers: | $27.28 for SPDR Euro Stoxx 50 ETF, $278.54 for SPDR S&P 500 ETF Trust, $115.43 for iShares Russell 2000 ETF, 65% of initial levels
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| Pricing date: | Sept. 28
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| Settlement date: | Oct. 3
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.25%
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| Cusip: | 09711AQP6
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