Published on 3/5/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $524,000 autocallable notes linked to Russell, Dow, S&P
By Kiku Steinfeld
Chicago, March 5 – BofA Finance LLC priced $524,000 of autocallable notes due July 3, 2028 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, 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 9.5% per year if each index closes at or above 85% of its initial level on any semiannual call valuation date starting after one year.
The payout at maturity will be par plus 47.5% if each index finishes at or above 85% of its initial level.
If the least performing index declines more than 5% but not more than 75% 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: | S&P 500 index, Russell 2000 index, Dow Jones industrial average
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| Amount: | $524,000
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| Maturity: | July 3, 2028
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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 85% of its initial level, par plus 47.5%; if the least performing index but finishes below the call value but above the threshold level, par; otherwise, investors will be fully exposed to the decline of the least performing index from its initial level
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| Call: | Automatically at par plus 9.5% per year if each index closes at or above 85% of its initial level on any semiannual call valuation date starting after one year
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| Initial levels: | 33,714.71 for Dow, 4,328.82 for S&P, 1,823.260 for Russell
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| Threshold levels: | 25,286.03 for Dow, 3,246.62 for S&P, 1,367.445 for Russell; 75% of initial levels
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| Pricing date: | June 26, 2023
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| Settlement date: | July 3, 2023
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 0%
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| Cusip: | 09711A4D7
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