Published on 12/7/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $890,000 autocallable notes on Russell, S&P
Chicago, Dec. 7 – BofA Finance LLC priced $890,000 of autocallable notes due Oct. 31, 2025 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will be called at par plus 13.75% per year if each index closes at or above its call threshold level on any annual valuation date. For the first year, the call value is the starting level. For the second observation date, the call value is 95% of the initial level.
The payout at maturity will be par plus 41.25% if each index finishes at or above 90% of its initial level.
If any index finishes below its 90% redemption barrier, but each finish at or above its threshold level, 65% of its initial level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the least performing index from its initial level.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Autocallable notes
|
| Underlying indexes: | Russell 2000 index, S&P 500 index
|
| Amount: | $890,000
|
| Maturity: | Oct. 31, 2025
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above its 90% redemption barrier level, par plus 41.25%; if the least performing index finishes below redemption barrier level but at or above threshold level, par; otherwise, investors will be fully exposed to the decline of the least performing index from its initial level
|
| Call: | Automatically at par plus 13.75% per year if each index closes at or above its redemption threshold level on any annual valuation date; first redemption threshold level is 100% of initial level, second redemption threshold level is 95% of initial level
|
| Initial levels: | 3,901.06 for S&P, 1,846.921 for Russell
|
| Redemption barrier levels: | 3,510.95 for S&P, 1,662.229 for Russell; 90% of initial levels
|
| Threshold levels: | 2,535.69 for S&P, 1200.499 for Russell; 65% of initial levels
|
| Pricing date: | Oct. 28, 2022
|
| Settlement date: | Nov. 2, 2022
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 2.25%
|
| Cusip: | 09709V7H3
|
|
|
© 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.
