Published on 9/28/2022 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.6 million contingent income autocallable yield notes on S&P, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Sept. 28 – BofA Finance LLC priced $1.6 million of contingent income autocallable yield notes due Sept. 26, 2025 linked to the least performing of the Russell 2000 index, the Nasdaq-100 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 10.15% if each index closes at or above its coupon barrier, 75% of its initial level, on the observation date for that period.
The notes will be called at par if all three indexes closes above their initial levels on any quarterly observation date after six months.
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
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index S&P 500 index
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| Amount: | $1,599,000
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| Maturity: | Sept. 26, 2025
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| Coupon: | 10.15% annual rate, payable quarterly if each index closes at or above coupon barrier on observation date for that period
|
| 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: | Automatically at par if all three indexes close above initial levels on any quarterly observation date after six months
|
| Initial levels: | 11,311.24 for Nasdaq, 1,679.59 for Russell, 3,693.23 for S&P
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| Coupon barriers: | 8,483.43 for Nasdaq, 1,259.693 for Russell, 2,769.92 for S&P, 75% of initial levels
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| Downside thresholds: | 7,917.87 for Nasdaq, 1,175.713 for Russell, 2,585.26 for S&P, 70% of initial levels
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| Pricing date: | Sept. 23
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| Settlement date: | Sept. 28
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 2.95%
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| Cusip: | 09709V2F2
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