Published on 2/24/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.45 million 12.5% contingent income issuer callable yield notes on indexes
By Kiku Steinfeld
Chicago, Feb. 24 – BofA Finance LLC priced $1.45 million of contingent income issuer callable yield notes due Nov. 21, 2025 linked to the Dow Jones industrial average and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12.5%, paid quarterly, if each underlying index closes at or above its 70% coupon barrier on the related quarterly observation date.
The securities may be called starting May 23, 2023 at par on any quarterly call determination date.
If the worst performing index gains or ends above its 70% threshold value, the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing index declines if it finishes below its threshold value.
The notes are guaranteed by Bank of America Corp.
BofA Securities is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income issuer callable yield notes
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| Underlying indexes: | Dow Jones industrial average and Russell 2000 index
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| Amount: | $1,445,000
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| Maturity: | Nov. 21, 2025
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| Coupon: | 12.5%, paid quarterly, if each underlying index closes at or above its 70% coupon barrier on the related quarterly observation date
|
| Price: | Par
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| Payout at maturity: | If worst performing index finishes at or above its 70% threshold value, par; 1% loss for every 1% that worst performing index declines if it finishes below its threshold value
|
| Call: | Starting May 23, 2023 at par on any quarterly call determination date
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| Initial levels: | 33,745.69 for Dow, 1,849.732 for Russell
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| Downside thresholds: | 23,621.98 for Dow, 1,294.812 for Russell, 70% of initial level
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| Coupon barriers: | 23,621.98 for Dow, 1,294.812 for Russell, 70% of initial level
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| Pricing date: | Nov. 18, 2022
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| Settlement date: | Nov. 23, 2022
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| Agent: | BofA Securities
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| Fees: | 0%
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| Cusip: | 09709V7F7
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