Published on 10/30/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.69 million 10.25% contingent income callable yield notes on ETFs
New York, Oct. 30 – BofA Finance LLC priced $1.69 million of contingent income issuer callable yield notes due Oct. 22, 2026 linked to the iShares Russell 2000 ETF, SPDR Dow Jones industrial average 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 10.25%, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called starting April 24, 2024 on any monthly call date.
If the worst performing asset gains or ends above its 60% 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 Dow Jones industrial average ETF and SPDR S&P 500 ETF Trust
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| Amount: | $1,688,000
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| Maturity: | Oct. 22, 2026
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| Coupon: | 10.25%, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | If worst performing asset finishes at or above its 60% 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 24, 2024 on any monthly call date
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| Initial levels: | $334.12 for SPDR Dow Jones Industrial Average ETF, $426.43 for SPDR S&P 500 ETF Trust, $168.62 for iShares Russell 2000 ETF
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| Downside thresholds: | $200.47 for SPDR Dow Jones Industrial Average ETF, $255.86 for SPDR S&P 500 ETF Trust, $101.17 for iShares Russell 2000 ETF, 60% of initial level
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| Coupon barriers: | $233.88 for SPDR Dow Jones Industrial Average ETF, $298.50 for SPDR S&P 500 ETF Trust, $118.03 for iShares Russell 2000 ETF, 70% of initial levels
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| Pricing date: | Oct. 24
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| Settlement date: | Oct. 27
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.35%
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| Cusip: | 09711AXX1
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