Published on 5/12/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.98 million contingent income autocallable yield notes tied to Russell, S&P
New York, May 12 – BofA Finance LLC priced $2.98 million of contingent income autocallable yield notes due May 31, 2024 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11%, 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 automatically at par if the closing level of each index is greater than or equal to its initial level on any monthly determination date starting Oct. 30.
If the notes have not been called, the payout at maturity will be par unless either index closes below its 70% downside threshold during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer 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 autocallable yield notes
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $2,981,000
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| Maturity: | May 31, 2024
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| Coupon: | 11%, 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: | Par unless either index closes below its downside threshold during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from initial level
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| Call: | Automatically at par if the closing level of each index is greater than or equal to its initial level on any monthly determination date starting Oct. 30
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| Initial levels: | 1,768.987 for Russell 2000 Index, 4,169.48 for S&P 500 Index
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| Downside thresholds: | 1,238.291 for Russell 2000 Index, 2,918.64 for S&P 500 Index, 70% of initial level
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| Coupon barriers: | 1,238.291 for Russell 2000 Index, 2,918.64 for S&P 500 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: | 0.5%
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| Cusip: | 09709VPK6
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