Published on 9/7/2022 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.35 million contingent income autocallable yield notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Sept. 7 – BofA Finance LLC priced $1.35 million of contingent income autocallable yield notes due Oct. 5, 2023 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 will pay a contingent monthly coupon at an annual rate of 12% 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 called automatically at par plus the contingent coupon if each index closes above its initial level on any monthly observation date starting in February 2023.
The payout at maturity will be par unless any index finishes below its 70% 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 autocallable yield notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $1.35 million
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| Maturity: | Oct. 5, 2023
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| Coupon: | 12% annual rate, payable monthly 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: | At par plus a coupon if each index closes at or above initial level on any monthly observation date starting in February 2023
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| Initial levels: | 1,844.115 for Russell, 3,955.0 for S&P
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| Coupon barriers: | 1,290.881 for Russell, 2,768.5 for S&P, 70% of initial levels
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| Downside thresholds: | 1,290.881 for Russell, 2,768.5 for S&P, 70% of initial levels
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| Pricing date: | Aug. 31
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| Settlement date: | Sept. 6
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 0.5%
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| Cusip: | 09709U5D6
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