Published on 8/11/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $323,000 contingent income autocallable yield notes on Russell, Nasdaq
Chicago, Aug. 11 – BofA Finance LLC priced $323,000 of contingent income autocallable yield notes due Jan. 26, 2023 linked to the worst performing of Russell 2000 index and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9% if each underlying index closes at or above its 75% coupon barrier on the relevant observation date.
The notes will be called at par if each index closes above its initial level on any monthly determination date after six months.
If the notes have not been called, the payout at maturity will be par if neither index closes below its 75% downside threshold during the life of the notes or if both indexes finish above their initial levels. Otherwise, investors will lose 1% for every 1% that the worst performer finishes below its initial level.
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 autocallable yield notes
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Underlying assets: | Russell 2000 index and Nasdaq-100 index
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Amount: | $323,000
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Maturity: | Jan. 26, 2023
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Coupon: | 10% annualized, payable monthly if each index closes at or above its coupon barrier on corresponding observation date
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Price: | Par
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Payout at maturity: | Par if neither index closes below its downside threshold during the life of the notes or both indexes finish above their initial levels; otherwise, investors will lose 1% for every 1% that the worst performer finishes below its initial level
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Call: | At par if each index closes above its initial level on any monthly determination date after six months
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Initial levels: | 2,202.947 for Russell, 15,986.28 for Nasdaq
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Coupon barriers: | 1,652.21 for Russell, 11,989.71 for Nasdaq; 75% of initial levels
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Downside thresholds: | 1,652.21 for Russell, 11,989.71 for Nasdaq; 75% of initial levels
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Pricing date: | Dec. 21, 2021
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Settlement date: | Dec. 27, 2021
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Selling agent: | BofA Securities, Inc.
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Fees: | 1.5%
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Cusip: | 09709UWU8
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