Published on 9/11/2023 in the Prospect News Structured Products Daily.
New Issue: BofA sells $1.5 million 16.05% contingent income autocallable yield notes on indexes, ETF
Chicago, Sept. 11 – BofA Finance LLC priced $1.5 million of contingent income autocallable yield notes due Dec. 10, 2024 linked to the least performing of the Nasdaq-100 index, Russell 2000 index and VanEck Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 16.05%, paid monthly, if each underlier closes at or above its 65% coupon barrier on the related monthly observation date.
The securities will be called automatically starting in March 2024 at par on any quarterly call determination date if each of the assets closes above 105% of its starting value on the related observation date.
If all three assets finish above their starting values or none of the assets closes below the 65% 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 asset 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 assets: | Nasdaq-100 index, Russell 2000 index and VanEck Gold Miners ETF
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| Amount: | $1.5 million
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| Maturity: | Dec. 10, 2024
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| Coupon: | 16.05% annual rate, paid monthly, if each underlier closes at or above its 65% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | If all three assets close above starting levels or none of the assets close below the 65% threshold value during the life of the notes, par; otherwise, 1% loss for every 1% that worst performing asset declines
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| Call: | Automatically starting in March 2024 at par on any quarterly call determination date if all three assets close above 105% of starting values
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| Initial levels: | 15,508.23 for Nasdaq, 1,880.450 for Russell, $28.49 for Gold ETF
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| Coupon barriers: | 10,080.35 for Nasdaq, 1,222.293 for Russell, $18.52 for Gold ETF, 65% of initial levels
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| Downside thresholds: | 10,080.35 for Nasdaq, 1,222.293 for Russell, $18.52 for Gold ETF, 65% of initial levels
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| Call values: | 16,283.64 for Nasdaq, 1,974.473 for Russell, $29.91 for Gold ETF, 105% of initial levels
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| Pricing date: | Sept. 5
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| Settlement date: | Sept. 8
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.8%
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| Cusip: | 09711ALJ5
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