Published on 2/8/2024 in the Prospect News Structured Products Daily.
New Issue: BofA sells $700,000 autocallable notes on Russell, S&P
Chicago, Feb. 8 – BofA Finance LLC priced $700,000 of autocallable notes due May 24, 2027 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 12.25% per year if each index closes at or above its initial level on any annual call valuation date.
The payout at maturity will be par plus 49% if each index finishes at or above its initial level.
If any index finishes below its initial level but each finish at or above its threshold level, 70% 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
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| Guarantor: | Bank of America Corp.
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| Issue: | Autocallable notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $700,000
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| Maturity: | May 24, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at above its initial level, par plus 49%; if the least performing index finishes below initial 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 12.25% per year if each index closes at or above its initial level on any annual call valuation date
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| Initial levels: | 1,773.717 for Russell, 4,191.98 for S&P
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| Threshold levels: | 1,241.602 for Russell, 2,934.39 for S&P; 70% of initial levels
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| Pricing date: | May 19, 2023
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| Settlement date: | May 24, 2023
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 2%
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| Cusip: | 09709VWT9
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