Published on 9/8/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.28 million contingent income callable yield notes on two indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 8 – BofA Finance LLC priced $1.28 million of contingent income issuer callable yield notes due Sept. 5, 2025 linked to the worst performing of the Euro Stoxx 50 index and the Nasdaq-100 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 11.5% if each underlying index closes at or above its 70% coupon barrier on the relevant observation date.
The notes are callable at par on any quarterly optional call date.
The payout at maturity will be par plus any final coupon if each index finishes at or above its 60% threshold level. Otherwise, investors will be fully exposed to any 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
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income issuer callable yield notes
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| Underlying indexes: | Euro Stoxx 50 index, Nasdaq-100 index
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| Amount: | $1,281,000
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| Maturity: | Sept. 5, 2025
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| Coupon: | 11.5% annualized rate, payable quarterly if each index closes at or above its coupon barrier on the corresponding observation date
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par plus final coupon; otherwise, 1% loss for each 1% decline of worst performing index from its initial level
|
| Call: | At par on any quarterly optional call date
|
| Initial levels: | 3,544.38 for Euro Stoxx, 12,098.44 for Nasdaq
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| Coupon barriers: | 2,481.07 for Euro Stoxx, 8,468.91 for Nasdaq; 70% of initial levels
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| Downside thresholds: | 2,126.63 for Euro Stoxx, 7,259.06 for Nasdaq; 60% of initial levels
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| Pricing date: | Sept. 2
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| Settlement date: | Sept. 8
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| Selling agent: | BofA Securities, Inc.
|
| Fees: | 1%
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| Cusip: | 09709U7H5
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