Published on 7/10/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.14 million autocallable enhanced return notes on S&P, Dow
By William Gullotti
Buffalo, N.Y., July 10 – BofA Finance LLC priced $2.14 million of autocallable enhanced return notes due July 6, 2026 linked to the least performing of the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will be called at par plus 10% if each index closes at or above its call level, 95% of initial level, on July 2, 2024.
The payout at maturity will be par plus 300% of any gain in the least performing index.
If any index finishes below its initial level but no lower than its threshold level, 75% of its initial level, the payout will be par.
Otherwise, investors will be fully exposed to the decline of the least performing index.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Autocallable enhanced return notes
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| Underlying indexes: | Dow Jones industrial average, S&P 500 index
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| Amount: | $2,139,000
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| Maturity: | July 6, 2026
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 300% of any gain in the least performing index; if the least performing index declines but finishes at or above the threshold level, par; otherwise, full exposure to decline of least performing index from initial level
|
| Call: | Automatically at par plus 10% if each index closes at or above its call level on July 2, 2024
|
| Initial levels: | 34,407.6 for Dow, 4,450.38 for S&P
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| Call levels: | 32,687.22 for Dow, 4,227.86 for S&P; 95% of initial levels
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| Threshold levels: | 24,085.32 for Dow, 3,115.27 for S&P; 70% of initial levels
|
| Pricing date: | June 30
|
| Settlement date: | July 6
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 0.875%
|
| Cusip: | 09709VZG4
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