Published on 12/29/2022 in the Prospect News Structured Products Daily.
New Issue: BofA prices $9.1 million buffered contingent income autocalls on S&P, Russell
By William Gullotti
Buffalo, N.Y., Dec. 29 – BofA Finance LLC priced $9.1 million of contingent income buffered autocallable yield notes due Sept. 25, 2025 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will pay a monthly coupon at an annual rate of 7.75% if each index closes above its 85% downside threshold on a related determination date.
The notes will be called at par plus coupon if each index closes at or above initial levels on any monthly determination date after six months.
If the final level of each index is greater than or equal to the 85% downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% decline in worst performing index beyond 15%.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income buffered autocallable yield notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index
|
| Amount: | $9,101,000
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| Maturity: | Sept. 25, 2025
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| Coupon: | 7.75% per year, payable monthly if each index closes at or above downside threshold level on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If final level of each index is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, investors will lose 1% for every 1% decline of worst performer beyond 15%
|
| Call: | At par plus contingent coupon if each index closes at or above initial levels on any monthly determination date after six months
|
| Initial levels: | 3,878.44 for S&P, 1,776.941 for Russell
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| Coupon barriers: | 3,296.67 for S&P, 1,510.4 for Russell; 85% of initial levels
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| Downside thresholds: | 3,296.67 for S&P, 1,510.4 for Russell; 85% of initial levels
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| Pricing date: | Dec. 21
|
| Settlement date: | Dec. 27
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| Agent: | BofA Securities, Inc.
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| Fees: | 3%
|
| Cusip: | 09709VCC8
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