Published on 5/4/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.48 million contingent income issuer callable yield notes on fund, indexes
Chicago, May 4 – BofA Finance LLC priced $2.48 million of contingent income issuer callable yield notes due April 30, 2025 linked to the least performing of the Energy Select Sector SPDR fund, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.5%, paid monthly, if each underlier closes at or above its 65% coupon barrier on the related monthly observation date.
The securities may be called at par starting Oct. 30, 2023 on any monthly call determination date.
If the worst performing asset gains or ends above its 55% threshold value the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing asset declines if it finishes below its threshold value.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income issuer callable yield notes
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| Underlying assets: | Energy Select Sector SPDR fund, Nasdaq-100 index and Russell 2000 index
|
| Amount: | $2,484,000
|
| Maturity: | April 30, 2025
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| Coupon: | 10.5% annual rate, paid monthly, if each underlier closes at or above its 65% coupon barrier on the related monthly observation date
|
| Price: | Par
|
| Payout at maturity: | If worst performing asset finishes at or above its 55% threshold value, par; 1% loss for every 1% that worst performing asset declines if it finishes below its threshold value
|
| Call: | At par starting Oct. 30, 2023 on any monthly call determination date
|
| Initial levels: | $84.66 for fund, 12,725.11 for Nasdaq, 1,745.952 for Russell
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| Coupon barriers: | $55.03 for fund, 8,271.32 for Nasdaq, 1,134.869 for Russell, 65% of initial levels
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| Downside thresholds: | $46.56 for fund, 6,998.81 for Nasdaq, 960.274 for Russell, 55% of initial levels
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| Pricing date: | April 25
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| Settlement date: | April 28
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2.6%
|
| Cusip: | 09709VQ25
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