Published on 12/1/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.26 million contingent income buffered autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 1 – BofA Finance LLC priced $1.26 million of contingent income buffered autocallable yield notes due Dec. 2, 2026 linked to the least performing of the stocks of Alphabet Inc., Amazon.com, Inc. and Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.85% if each stock closes at or above its coupon barrier, 80% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly observation date after one year.
The payout at maturity will be par unless any stock finishes below its 80% buffer level, in which case investors will be fully exposed to the losses of the worst performing stock beyond 20%.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income buffered autocallable yield notes
|
| Underlying stocks: | Alphabet Inc., Amazon.com, Inc. and Apple Inc.
|
| Amount: | $1,255,000
|
| Maturity: | Dec. 2, 2026
|
| Coupon: | 11.85% annual rate, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above buffer, par; otherwise 1% loss for each 1% decline of worst performing stock beyond 20%
|
| Call: | At par plus coupon if each stock closes at or above its initial level on any quarterly observation date after one year
|
| Initial levels: | $378.61 for Microsoft, $138.05 for Alphabet, $147.73 for Amazon, $189.79 for Apple
|
| Coupon barriers: | $227.17 for Microsoft, $82.83 for Alphabet, $88.64 for Amazon, $113.87 for Apple; 60% of initial levels
|
| Buffers: | $302.89 for Microsoft, $110.44 for Alphabet, $118.18 for Amazon, $151.83 for Apple; 80% of initial levels
|
| Pricing date: | Nov. 27
|
| Settlement date: | Nov. 30
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 3.25%
|
| Cusip: | 09710P2X3
|
|
|
© 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.
