Published on 4/18/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.1 million buffered contingent income autocalls on Nasdaq, Russell
By William Gullotti
Buffalo, N.Y., April 18 – BofA Finance LLC priced $2.1 million of contingent income buffered autocallable yield notes due April 3, 2025 linked to the Nasdaq-100 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 quarterly coupon at an annual rate of 5.8% if each index closes above its 75% coupon barrier on a related determination date.
The notes will be called at par plus coupon if each index closes at or above its 90% call level on any quarterly determination date after six months.
If the final level of each index is greater than or equal to the 80% 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 20%.
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
|
| Underlying indexes: | Nasdaq-100 index, Russell 2000 index
|
| Amount: | $4,718,000
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| Maturity: | April 3, 2025
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| Coupon: | 5.8% per year, payable quarterly if each index closes at or above coupon barrier 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 20%
|
| Call: | At par plus contingent coupon if each index closes at or above call levels on any quarterly determination date after six months
|
| Initial levels: | 12,846.03 for Nasdaq, 1,771.599 for Russell
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| Call levels: | 11,561.43 for Nasdaq, 1,594.439 for Russell; 90% of initial levels
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| Coupon barriers: | 9,634.52 for Nasdaq, 1,328.699 for Russell; 85% of initial levels
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| Downside thresholds: | 10,276.82 for Nasdaq, 1,417.279 for Russell; 80% of initial levels
|
| Pricing date: | March 29
|
| Settlement date: | March 31
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2.7%
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| Cusip: | 09709VME3
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