Published on 6/23/2022 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.08 million contingent income callable yield notes on S&P, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, June 23 – BofA Finance LLC priced $1.08 million of contingent income issuer callable yield notes due June 23, 2027 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be callable at par plus any contingent coupon on any quarterly observation date.
The payout at maturity will be par unless any index finishes below its 60% threshold level, in which case investors will be fully exposed to the losses of the worst performing index.
The notes are guaranteed by Bank of America Corp.
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: | Contingent income issuer callable yield notes
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Underlying indexes: | Russell 2000 index, S&P 500 index and Dow Jones industrial average
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Amount: | $1.08 million
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Maturity: | June 23, 2027
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Coupon: | 10% annual rate, payable quarterly if each index closes at or above coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise 1% loss for each 1% decline of worst performing index
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Call option: | At par on any quarterly observation date
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Initial levels: | 29,888.78 for Dow, 1,665.694 for Russell, 3,674.84 for S&P
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Coupon barriers: | 20,922.15 for Dow, 1,165.986 for Russell, 2,572.39 for S&P, 70% of initial levels
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Downside thresholds: | 17,933.27 for Dow, 999.416 for Russell, 2,204.9 for S&P, 60% of initial levels
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Pricing date: | June 17
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Settlement date: | June 23
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Selling agent: | BofA Securities, Inc.
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Fees: | 0.25%
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Cusip: | 09709U2P2
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