Published on 10/24/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $2.3 million leveraged market-linked notes with contingent downside on stocks
By William Gullotti
Buffalo, N.Y., Oct. 24 – BofA Finance LLC priced $2.3 million of 0% market-linked securities – leveraged upside participation and contingent downside due Oct. 21, 2026 linked to the stock performance of Apple Inc., Amazon.com, Inc. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The payout at maturity will be par plus 206% of any gain of the lowest performing stock.
If the worst performer falls by up to 25%, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
BofA Securities, Inc. and Wells Fargo Securities LLC are the selling agents.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Market-linked securities – leveraged upside participation and contingent downside
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Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc.
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Amount: | $2.3 million
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Maturity: | Oct. 21, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 206% of any gain in the lowest performing stock; par if worst performer falls by up to 25%; otherwise, 1% loss for every 1% decline of the worst performer from initial level
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Initial levels: | $143.75 for Apple, $116.36 for Amazon, $100.77 for Alphabet
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Threshold levels: | $107.8125 for Apple, $87.27 for Amazon, $75.5775 for Alphabet; 75% of initial levels
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Pricing date: | Oct. 18
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Settlement date: | Oct. 21
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Selling agents: | BofA Securities, Inc. and Wells Fargo Securities LLC
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Fees: | 3.125%
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Cusip: | 09709V4R4
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