Published on 2/7/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $500,000 22.1% contingent income autocallable yield notes on KraneShares
New York, Feb. 7 – BofA Finance LLC priced $500,000 of contingent income autocallable yield notes due May 21, 2026 linked to the KraneShares CSI China Internet ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a quarterly coupon of 22.1% if the ETF closes at or above its 80% initial value on the related observation date.
The notes will be automatically called quarterly beginning in November 2023 at par plus the contingent coupon payment if the ETF closes above its initial level on a related call observation date.
If the ETF finishes above 70% of its initial value, the payout at maturity will be par. Otherwise, investors will be fully exposed to the losses of the ETF.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income autocallable yield notes
|
| Underlying ETF: | KraneShares CSI China Internet ETF
|
| Amount: | $500,000
|
| Maturity: | May 21, 2026
|
| Coupon: | 22.1% annual rate, paid quarterly, if ETF closes at or above 80% initial value on related observation date
|
| Price: | Par
|
| Payout at maturity: | If ETF finishes at or above its 70% threshold value, par; otherwise, full exposure to losses
|
| Call: | Automatically at par if ETF closes above initial level on any quarterly call observation date starting after six months
|
| Initial level: | $28.01
|
| Coupon barrier: | $22.41, 80% of initial level
|
| Downside threshold: | $19.61, 70% of initial level
|
| Strike date: | May 17, 2023
|
| Pricing date: | May 18, 2023
|
| Settlement date: | May 23, 2023
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 0.6%
|
| Cusip: | 09709VY26
|
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