Published on 12/28/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.26 million contingent income buffered callable yield notes on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Dec. 28 – BofA Finance LLC priced $1.26 million of contingent income buffered issuer callable yield notes due Dec. 26, 2028 linked to the worst 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 will pay a contingent monthly coupon at an annual rate of 7.25% if each underlying index closes at or above its 80% coupon barrier on the observation date for that period.
The notes are callable at par plus any coupon otherwise due on any monthly determination date after one year.
The payout at maturity will be par if each index finishes at or above its 85% buffer level. Otherwise, investors will lose 1% for each 1% decline of the worst performer beyond 15%.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income buffered issuer callable yield notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $1.26 million
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| Maturity: | Dec. 26, 2028
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| Coupon: | 7.25% annualized rate, payable monthly if each index closes at or above its coupon barrier on observation date for that period
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above buffer level, par; otherwise, 1% loss for each 1% decline of worst performing index beyond 15%
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| Call option: | At par plus any coupon due on any monthly determination date after one year
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| Initial levels: | 1,982.836 for Russell, 4,698.35 for S&P
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| Coupon barrier levels: | 1,586.269 for Russell, 3,758.681 for S&P; 80% of initial levels
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| Buffer levels: | 1,685.411 for Russell, 3,993.6 for S&P; 85% of initial levels
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 26
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 3.25%
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| Cusip: | 09710PEC6
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