Published on 8/16/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.22 million contingent income autocallable yield notes on ETFs
New York, Aug. 16 – BofA Finance LLC priced $1.22 million of contingent income autocallable yield notes due Aug. 14, 2025 linked to the Invesco QQQ Trust, Series 1, iShares Russell 2000 ETF and SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8%, paid monthly, if each underlier closes at or above its 70% coupon barrier on the related monthly observation date.
The securities may be called automatically starting in February 2024 at par if the level of each underlier is greater than or equal to its initial price and on any subsequent determination date.
If the worst performing asset gains or ends above its 70% 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
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
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| Underlying assets: | Invesco QQQ Trust, Series 1, iShares Russell 2000 ETF and SPDR S&P 500 ETF Trust
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| Amount: | $1,215,000
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| Maturity: | Aug. 14, 2025
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| Coupon: | 8%, paid monthly, if each underlier 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 asset finishes at or above its 70% threshold value, par; 1% loss for every 1% that worst performing asset declines if it finishes below its threshold value
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| Call: | Automatically starting in February 2024 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: | $368.59 for Invesco QQQ Trust, Series 1, $445.91 for SPDR S&P 500 ETF Trust, $190.72 for iShares Russell 2000 ETF
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| Downside thresholds: | $258.01 for Invesco QQQ Trust, Series 1, $312.14 for SPDR S&P 500 ETF Trust, $133.50 for iShares Russell 2000 ETF, 70% of initial level
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| Coupon barriers: | $258.01 for Invesco QQQ Trust, Series 1, $312.14 for SPDR S&P 500 ETF Trust, $133.50 for iShares Russell 2000 ETF, 70% of initial levels
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| Pricing date: | Aug. 10
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| Settlement date: | Aug. 15
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| Agent: | BofA Securities, Inc.
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| Fees: | 2%
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| Cusip: | 09711AFE3
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