Published on 2/29/2024 in the Prospect News Structured Products Daily.
New Issue: BofA sells $3.46 million autocallable enhanced return notes on Russell, Nasdaq, S&P
By Wendy Van Sickle
Columbus, Ohio, Feb. 29 – BofA Finance LLC priced $3.46 million of autocallable enhanced return notes due Feb. 29, 2028 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 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 10% per year if each index closes at or above its call level on any annual valuation date. The first call level is tied to the initial level of the indexes and then reduces each year by 5%.
The payout at maturity will be par plus 150% of any gain in the least performing index.
If any index finishes below its initial level but no lower than 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.
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 enhanced return notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
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| Amount: | $3,457,000
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| Maturity: | Feb. 29, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 150% of any gain in the least performing index; if the least performing index declines but finishes at or above the threshold level, par; otherwise, investors will be fully exposed to the decline of the least performing index
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| Call: | Automatically at par plus 10% per year if each index closes at or above its call level on any annual valuation date; first call level is 100% of initial level with 5% reduction each year
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| Initial levels: | 2,028.968 for Russell, 17,933.33 for Nasdaq, 5,069.53 for S&P
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| Threshold levels: | 1,420.278 for Russell, 12,553.33 for Nasdaq, 3,548.67 for S&P; 70% of initial levels
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| Pricing date: | Feb. 26
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| Settlement date: | Feb. 29
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| Selling agent: | BofA Securities, Inc.
|
| Fees: | 3.5%
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| Cusip: | 09710PVE3
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