Published on 10/16/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $959,000 contingent income autocallable yield notes on three indexes
By Kiku Steinfeld
Chicago, Oct. 16 – BofA Finance LLC priced $959,000 of contingent income autocallable yield notes due April 2, 2025 linked to 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 9% per year, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called automatically starting in September 2023 at par if the level of each underlier is greater than or equal to its initial level on a monthly call determination date.
If the worst performing asset gains or ends above its 70% 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
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income autocallable yield notes
|
| Underlying assets: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
|
| Amount: | $959,000
|
| Maturity: | April 2, 2025
|
| Coupon: | 9% per year, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date
|
| Price: | Par
|
| Payout at maturity: | If worst performing asset finishes at or above its 70% threshold value, par; 1% loss for every 1% that worst performing asset declines if it finishes below its threshold value
|
| Call: | Automatically starting in September 2023 at par if the level of each underlier is greater than or equal to its initial level on a monthly call determination date
|
| Initial levels: | 12,610.57 for Nasdaq, 1,752.632 for Russell, 3,971.27 for S&P
|
| Downside thresholds: | 8,827.40 for Nasdaq, 1,226.842 for Russell, 2,779.89 for S&P; 70% of initial levels
|
| Coupon barriers: | 8,827.40 for Nasdaq, 1,226.842 for Russell, 2,779.89 for S&P; 70% of initial levels
|
| Pricing date: | March 28, 2023
|
| Settlement date: | March 31, 2023
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2.6%
|
| Cusip: | 09709VN93
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
