Published on 10/16/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $825,000 7.75% contingent income autocallable yield notes linked to S&P 500
By Kiku Steinfeld
Chicago, Oct. 16 – BofA Finance LLC priced $825,000 of contingent income autocallable yield notes due April 2, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 7.75%, paid quarterly, if the underlying index closes at or above its 70% coupon barrier on the related quarterly observation date.
The securities may be called automatically starting in September 2023 at par on any quarterly observation date if the index closes at or above its initial level.
If the index 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 index 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.
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| Issue: | Contingent income autocallable yield notes
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| Underlying index: | S&P 500
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| Amount: | $825,000
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| Maturity: | April 2, 2026
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| Coupon: | 7.75%, paid quarterly, if the underlying index closes at or above its 70% coupon barrier on the related quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | If index finishes at or above its 70% threshold value, par; 1% loss for every 1% that index declines if it finishes below its threshold value
|
| Call: | Automatically starting in September 2023 at par on any quarterly observation date if the index closes at or above its initial level
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| Initial level: | 3,971.27
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| Downside threshold: | 2,779.89, 70% of initial level
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| Coupon barrier: | 2,779.89, 70% of initial level
|
| Pricing date: | March 28, 2023
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| Settlement date: | March 31, 2023
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| Agent: | BofA Securities, Inc.
|
| Fees: | 2.35%
|
| Cusip: | 09709VNH5
|
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