Published on 7/6/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $5.11 million 8% contingent income autocallable yield notes on Russell, S&P
New York, July 6 – BofA Finance LLC priced $5.11 million of contingent income autocallable yield notes due Aug. 1, 2024 linked to the Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8%, 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 level of each underlier is greater than or equal to its initial price and on any subsequent determination date.
If none of the indexes closes below the 70% threshold value during the life of the notes 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.
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 autocallable yield notes
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $5.11 million
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| Maturity: | Aug. 1, 2024
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| Coupon: | 8%, 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 none of the indexes close below the 70% threshold value during the life of the notes, par; otherwise 1% loss for every 1% that worst performing index declines
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| Call: | Automatically at par if the level of each underlier is greater than or equal to its initial price and on any subsequent determination date
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| Initial levels: | 1,881.591 for Russell 2000 Index, 4,396.44 for S&P 500 Index
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| Downside thresholds: | 1,317.114 for Russell 2000 Index, 3,077.51 for S&P 500 Index, 70% of initial level
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| Coupon barriers: | 1,317.114 for Russell 2000 Index, 3,077.51 for S&P 500 Index, 70% of initial levels
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| Pricing date: | June 29
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| Settlement date: | July 5
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| Agent: | BofA Securities, Inc.
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| Fees: | 1.5%
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| Cusip: | 09709VZV1
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