Published on 5/12/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $10.14 million contingent income issuer callable yield notes on indexes
New York, May 12 – BofA Finance LLC priced $10.14 million of contingent income issuer callable yield notes due May 1, 2026 linked to the Dow Jones industrial average, 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 12%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called at par on any monthly call determination date starting Nov. 2, 2023.
If the worst performing index finishes at or above its 70% threshold value, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the worst performing index declines from initial level.
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, Nasdaq-100 index and Russell 2000 index
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| Amount: | $10,138,000
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| Maturity: | May 1, 2026
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| Coupon: | 12%, paid monthly, if each underlying index closes at or above its 70% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | If worst performing index finishes at or above its 70% threshold value, par; otherwise, 1% loss for every 1% that worst performing index declines from initial level
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| Call option: | At par on any monthly call determination date starting Nov. 2, 2023
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| Initial levels: | 34,098.16 for Dow Jones Industrial Average, 13,245.99 for Nasdaq-100 Index, 1,768.987 for Russell 2000 Index
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| Downside thresholds: | 23,868.71 for Dow Jones Industrial Average, 9,272.19 for Nasdaq-100 Index, 1,238.291 for Russell 2000 Index, 70% of initial level
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| Coupon barriers: | 23,868.71 for Dow Jones Industrial Average, 9,272.19 for Nasdaq-100 Index, 1,238.291 for Russell 2000 Index, 70% of initial levels
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| Pricing date: | April 28
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| Settlement date: | May 3
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| Agent: | BofA Securities
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| Fees: | 0.85%
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| Cusip: | 09709VS23
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