Published on 4/25/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $3.53 million contingent income buffered issuer callable yield notes on indexes
By William Gullotti
Buffalo, N.Y., April 25 – BofA Finance LLC priced $3.53 million of contingent income buffered issuer callable yield notes due April 25, 2024 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9.25% if each underlying index closes at or above its 75% coupon barrier on the observation date for that period.
The notes are callable at par plus any coupon otherwise due on any monthly determination date after six months.
The payout at maturity will be par plus the final coupon unless any index finishes below its 75% threshold level, in which case investors will lose 1.33333% for every 1% decline of the worst performer below 25%.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income buffered issuer callable yield notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000, S&P 500 index
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| Amount: | $3.53 million
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| Maturity: | April 25, 2024
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| Coupon: | 9.25% annualized rate, payable monthly if each index closes at or above its coupon barrier on observation date for that period
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above buffer level, par plus final coupon; otherwise, 1.33333% loss for each 1% decline of worst performing index below 25%
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| Call option: | At par plus any coupon due on any monthly determination date after six months
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| Initial levels: | 12,985.98 for Nasdaq, 1,789.697 for Russell, 4,129.79 for S&P
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| Coupon barriers: | 9,739.49 for Nasdaq, 1,342.273 for Russell, 3,097.34 for S&P; 75% of initial levels
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| Buffer levels: | 9,739.49 for Nasdaq, 1,342.273 for Russell, 3,097.34 for S&P; 75% of initial levels
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| Pricing date: | April 20
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| Settlement date: | April 25
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.55%
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| Cusip: | 09709VSU1
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