Published on 10/30/2023 in the Prospect News Structured Products Daily.
New Issue: BofA Finance sells $1 million capped enhanced return notes on Fifth Third
Chicago, Oct. 30 – BofA Finance, LLC priced $1 million of 0% capped enhanced return notes due April 27, 2026 linked to the common stock of Fifth Third Bancorp, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
If the final level of the stock is greater than the initial level, the payout at maturity will be par plus three times the return, up to the maximum payout of $2,155 per $1,000 note.
Investors will receive par if the stock declines, but not more than 15%.
Otherwise, investors will be fully exposed to the losses of the stock.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance, LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Capped enhanced return notes
|
| Underlying stock: | Fifth Third Bancorp
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| Amount: | $1,001,000
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| Maturity: | April 27, 2026
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If the stock finishes above its initial level, the payout will be par plus three times the return capped at $2,155 per $1,000 note; par if stock declines but not beyond threshold level; otherwise, full exposure to losses of stock
|
| Initial stock level: | $24.92
|
| Threshold level: | $21.18, 85% of initial level
|
| Strike date: | Oct. 19
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| Pricing date: | Oct. 20
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| Settlement date: | Oct. 25
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 0.5%
|
| Cusip: | 09711AY36
|
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