Published on 3/11/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.6 million autocallable notes tied to Russell, S&P
By William Gullotti
Buffalo, N.Y., March 11 – BofA Finance LLC priced $2.6 million of autocallable notes due March 4, 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 10% per year if each index closes at or above its call level on any annual valuation date. Call level starts at 100% of initial level and steps down by 5% per year.
The payout at maturity will be par plus 30% if each index finishes at or above its 90% final barrier.
If the least performing index declines but finishes at or above its threshold level, 68.5% 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: | $2,595,000
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| Maturity: | March 4, 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 or above its final barrier, par plus 30%; if the least performing index finishes below initial level but at or above threshold level, par; otherwise, lose 1% for each 1% decline of least performing index from its initial level
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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; call level starts at 100% of initial level and steps down by 5% per year
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| Initial levels: | 5,096.27 for S&P, 2,054.843 for Russell
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| Threshold levels: | 3,490.94 for S&P, 1,407.567 for Russell; 68.5% of initial levels
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| Final barriers: | 4,586.64 for S&P, 1,849.359 for Russell; 90% of initial levels
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| Pricing date: | Feb. 29
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| Settlement date: | March 5
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 2.25%
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| Cusip: | 09711B5H5
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